BoE predicts sharp fall and fast recovery for UK

Bank of England
Photo: Juno Snowdon Photography

The Bank of England predicted today (May 7) that the UK should return almost to previous levels of economic output within a year.

But the BoE said there was very high uncertainty about this prediction, made as part of its first major estimates of the impact of the Covid-19 shock on the UK economy.

In an unusual step, the BoE also published an “interim” financial stability report, which contains a stress test of banks based on the monetary policy forecast, using 2019 data. UK-based banks are

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