Downturn less severe than feared - Bank of England

The UK economy faces a less severe downturn but slower recovery from the coronavirus pandemic, according to the Bank of England

The Bank expects the economy to shrink by 9.5% in 2020.

While this would be the biggest annual decline in 100 years, it compares with an initial estimate of a 14% contraction.

However, the Bank warned that the jobs market recovery would take longer as it held interest rates at 0.1%.