Bank of England Predicts Worst Economic Crash in 300 Years for UK

The Bank of England has predicted the worst economic crash since the Great Frost of 1709. Economists are less optimistic than the central bank about the rate of recovery for the UK economy. “Current conditions are unprecedented in our lifetime and all forecasters are struggling to make out where the economy stands now,” one economist described.

Worst Recession in Over 300 Years

The Bank of England (BOE) has forecasted a devastatingly bleak outlook for the U.K. economy in its most recent monetary policy report published on Thursday ahead of Prime Minister Boris Johnson unveiling the new guidelines for coronavirus lockdown. The central bank’s Monetary Policy Committee (MPC) has “constructed a plausible illustrative economic scenario” to help illustrate the potential impact of the covid‑19 crisis on the British economy. The BOE noted, however, that an unprecedented crisis means the economic outlook is “unusually uncertain,” as it critically depends “on the evolution…