The Bank of England has launched a fresh £150bn stimulus package as part of efforts to shore up the UK economy as the coronavirus crisis continues to blight the country. The latest expansion of the scheme takes total bonds purchased by the Bank under quantitative easing to £895bn. Andrew Bailey, Bank Governor, warned the outlook remains "unusually uncertain" in the wake of the spread of the virus but added: "We are confident that we have the headroom to do what we need to do to meet our remit." Mr Bailey said the Bank now expected economic output would be 11% lower at the end of the year than it was at the start, and that unemployment would rise from the current level of 1.5m to 2.6m. The Bank also forecast a 1% hit to the economy in early 2021 as a result of the end of the Brexit transition period - even if there is a deal with the European Union.
Read more: Daily Mail