UK economy 10% below pre-coronavirus levels
Friday, 10 09 2020, Category: Economy, Country: United Kingdom
Bank of England Governor Andrew Bailey on Thursday, October 8, said United Kingdom economic output in the 3rd quarter was between 7% and 10% below pre-pandemic levels.
While this was far better than at the start of the pandemic, Bailey warned there was still an unprecedented level of uncertainty and that the risks to the economy are still to the downside.
"We think, in the 3rd quarter, on average, activity in the economy will probably [have been] somewhere between 7% and 10% below pre-COVID levels," he said in an online conference.
"And while that number was obviously much better than we had in the spring, it's still...produced a very big recession."
Recent official data have shown that the UK economy shrank by a fifth in the 2nd quarter which coincided with Britain being in lockdown.