Federal Reserve Chair Jerome Powell said Tuesday the scope and speed of the economic downturn due to Covid-19 in the U.S. “are without modern precedent and are significantly worse than any recession since World War II.”
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The Bank of England has warned that the UK is heading for an unprecedented recession. It says the economy is on course for the sharpest annual contraction for 300 years, with the coronavirus pandemic dramatically reducing jobs and incomes.
The Governor of the Bank of England said the economy is expected to contract by 14%, twice as big a downturn as the great crash of 2008. Unemployment could double to 9% although the Bank of England is forecasting that the economy will bounce back next year.
Meanwhile The Prime Minister will make a public statement on Sunday setting out the next stages of lockdown and any plans to ease it. But Boris Johnson has said his government will “advance with maximum caution”.
