Coronavirus warning: UK faces worst downturn for 300 years – BBC News

The Bank of England has warned that the UK is heading for an unprecedented recession. It says the economy is on course for the sharpest annual contraction for 300 years, with the coronavirus pandemic dramatically reducing jobs and incomes.

The Governor of the Bank of England said the economy is expected to contract by 14%, twice as big a downturn as the great crash of 2008. Unemployment could double to 9% although the Bank of England is forecasting that the economy will bounce back next year.

Meanwhile The Prime Minister will make a public statement on Sunday setting out the next stages of lockdown and any plans to ease it. But Boris Johnson has said his government will “advance with maximum caution”.

In Scotland First Minister Nicola Sturgeon has made clear that she will not be pressured into acting too early to ease the lockdown, saying getting it right is “a matter of life and death”.

Sophie Raworth presents BBC News at Ten reports from Economics Editor Faisal Islam and Political Editor Laura Kuenssberg.

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The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government’s banker, and still one of the bankers for the Government of the United Kingdom, it is the world’s eighth-oldest bank.

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In This Story: Islam

Islam is an Abrahamic monotheistic religion teaching that Muhammad is the final and ultimate messenger of God. It is the world’s second-largest religion with 1.8 billion followers or 24.1% of the world’s population, known as Muslims. Muslims make up a majority of the population in 49 countries.

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Laura Juliet Kuenssberg is a British journalist. In July 2015 she succeeded Nick Robinson as Political Editor of BBC News, the first woman to hold the position.

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During the 2020 Covid-19 epidemic, lockdown has come to mean the practice of attempting to control transmission of the virus by means of restricting people’s movement and activities on a broad scale, usually on a national or state-wide basis.

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Scotland is a country in Western Europe which forms part of the United Kingdom. Its government was joined with that of England’s through the 1707 Acts of Union. A devolved government now administers many of the affairs of the country, though ultimate authority still resides with Westminster. Scotland has a distinct legal system and national sporting associations. 5.2 million people live in Scotland and the largest city in the country is Glasgow, though the capital is Edinburgh where the government sits at the Scottish Parliament opposite Holyrood Palace.

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