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BoE officials warn of double-dip recession

BoE officials warn of double-dip recession

BoE policymakers have warned that the resurgence in Covid cases and the latest national lockdown will tip the economy back into recession. Bank governor Andrew Bailey said “there’s no question” the situation will delay economic recovery, whilst Ben Broadbent, deputy governor for monetary policy, said the UK is in the grip of a “double-dip recession”. Mr Broadbent said GDP likely ended 2020 “around 10% lower than at the end of 2019 . . . the sharpest decline, through any calendar year, at least since 1920”. He also said the true rate of unemployment is likely being missed by official figures as surveys struggle to distinguish between those who are and are not seeking work. The governor put the true unemployment rate at closer to 6.5% than the official figure of 4.9%.

Read more: The Times


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