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Investopedia/Deborah D’Souza/5-7-2020
“The Bank of England also revealed a bleak outlook for the country in its May Monetary Policy report, its first since the outbreak. It expects the economy to contract by 25% and the unemployment rate to more than double to around 9% in the second quarter. GDP is expected to fall 14% for the year as a whole. This would make it the biggest slump the nation has seen since it contracted 15.3% in 1706 at the time of The War of Spanish Succession. U.K. GDP declined 4.2% in 2009 during the financial crisis.”
USAGOLD note: If somebody would have told you a year ago that the Bank of England would issue a statement like the one headlined above, would you have believed it?