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UK in deepest recession, but will not adopt negative interest rates: Report

Britain has the highest Covid-19 related death toll in Europe despite a lockdown that has kept citizens at home and businesses closed since March 23

Bank of England
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Britain's economy will contract 7.7 per cent this year, according to the median of over 70 economists surveyed, then grow 5.2 per cent in 2021

Agencies London
Britain is enduring its deepest recession in centuries but the havoc wrought by the coronavirus pandemic will not be enough to push the Bank of England to adopt negative interest rates, a Reuters poll found.

The virus has infected just over 5 million people worldwide and killed more than 327,000. Britain has the highest Covid-19 related death toll in Europe despite a lockdown that has kept citizens at home and businesses closed since March 23.

That virtual halt in activity means the economy will contract 17.5 per cent this quarter, the May 19-21 poll found, a much sharper contraction than

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First Published: May 22 2020 | 1:03 PM IST

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