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.
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”.
In Scotland First Minister Nicola Sturgeon has made clear that she will not be pressured into acting too early to ease the lockdown, saying getting it right is “a matter of life and death”.
Sophie Raworth presents BBC News at Ten reports from Economics Editor Faisal Islam and Political Editor Laura Kuenssberg.
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They will blame this on the people of ye nation!
They will starve us to death!
We need compensation directly from China
If only we had gone in hard and gone in early. The fuckin superior morons.
Our economy was heading up the spout anyways– Thatcher's free trade policies were the beginning of the end. We will fall by the wayside.
Basically we’re arriving at a point where the economy has to be resource based and not fiat based.
Hard to imagine the last time it was so bad Prince Philip was still a teenager.
yippeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
Many Parts of uk won’t notice a difference. This country is already a shit hole
Bloody BBC scaremongering yet again, compare this country with Zimbabwe, Somalia or Venezuela and we ate quite well off. Even comparing unemployment with Spain or Italy the BBC NEVER say anything positive.
Thay only lifted some things so 50% don't hang them self's
The shits gonna hit the financial fan
The Economy of the UK is going to FOREVER SUFFER just like America and other European countries!
Oh vey
And its all the fear mongering media’s fault
When Coronaboris promoted shaking hands with every patients with confirmed infection of Covid-19 and bragged about it in his daily press conference speaking to the whole world, and when he did nothing to prepared to curb and damp the virus epidemic while bragging about herd immunity, and then built up temporary morgues (instead of negative pressure wards for potential severe patients and isolation facilities for patients with mild symptoms) soon after Her Majesty fled the Buckingham, one could easily arrived at this very likely consequence that the UK is going to turn back in economic power and all to where it was after Eisenhower lashed out with his Suez moment for the UK. But the worst in 300 hundred years was a bit off the chart of one's wildest imagination.
We need total lockdown
Hope is not a strategy. You can bet your ass they are not telling us how bad this will be. The words they dare not use is not recession…but DEPRESSION.
Years of Tory austerity set this up to happen……Brexit lost us hundreds of health workers……now the government wants you to go back to work as the economy is more important than your measly pathetic lives
https://www.youtube.com/watch?v=xcUNeKe6PtA
Down turn of the economy has been waiting to happen for years, useful to blame corona virus.
https://www.youtube.com/watch?v=ogeVM3JsJoM
.Bojo wants everyone to starve, first brexit then this? Listen to the dancing Nurses, oh so busy with all this COVID. It's not safe outside, no working, bad for your health. Don't eat, if starvation kills you first you won't get the flu.
Why is the reporter standing about a mile away from a healthy looking person? Very weird… Flat earth. No virus. Plandemic. Study Astrology.
And now everybody is going to go panic buying again! Good job my number 2's are going to be rock solid after all the cheap food I'll be eating, and I won't need all that loo roll!
You shut down the world, everything goes south, who'd have thunk it?
"More than a glint of optimism here" What a laugh these overfed shysters at the Bank of England are having at everybodys expense. You are insane if you believe anything these liars say.
Great news! Countries become socially more right wing during recessions. It’ll work in our favour ❤️
Utter madness
Of course, UK's economy is falling for the first time in 300 years, because that time, it had India as its cash market.
Due to are sellout governments we now have virtually no manufacturing base due to a mindset inherited form are so called glory days of empire where by you ponce of the empire now with no empirie they ponce of the people and sell the crockery. A form of parasitism together with tax avoidance its left good old blighty the sick man of europe. Truly pathetic leadership. Parliament an institution not fit for purpose.
Huge people in the world are unemployment right now specially developing and under developing country & they have not that much money to deal with their life comfortably that is clearly shown us as a world social problem & ultimately they are involving lots of crime and criminality as well. So need to think all the Governments & non governmental organisations for that kind of people, financially helping them & recruit them in the job or other site considering their ability & talent.
So unhappy
9:37