Bank of England warns UK faces deepest recession for centuries

The UK is facing the deepest recession not just in living memory but for centuries, the Bank of England has warned – predicting that the economy could shrink by 14 per cent over the course of this year.

The impact of coronavirus and the global shutdowns will see investment and household spending plummeting while unemployment soars.

The bank’s policymakers though do think the economy will bounce back fairly rapidly next year – but not everyone is convinced about that.