The Bank of England has warned that the British economy could be nearly a third smaller by the end of the first half of this year than it was at the start of it as a result of the coronavirus pandemic.
Drivers queue in their vehicles at a KFC restaurant in Basingstoke, Hampshire, which has re-opened to provide a drive thru service only, after being closed for the last month due to the coronavirus outbreak, in England, Wednesday, May 6, 2020.
Overall, it said that the British economy could shrink by 14% this year, but that clearly depends on how long the current lockdown restrictions remain in place. Its assumptions are based on the phasing out of both the furlough scheme and social distancing guidelines between June and the end of the year. There is also no factoring in of the second wave of infections.
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