Andrew Bailey
UK economy shrinks record 20.4% in April due to lockdown
Bank of England ‘ready to act’ as economy shrinks record 20%
Bank of England governor Andrew Bailey has said he will be “ready to take action” to help the UK economy weather the coronavirus crisis.
He was speaking after figures showed that the country’s economy shrank by 20.4% in April – the largest monthly contraction on record – as the country spent its first full month in lockdown.
“We are still very much in the midst of this,” Mr Bailey said.
But he said the figure was “pretty much in line” with what the bank expected.
“Obviously it’s a dramatic and big number, but actually it’s not a surprising number,” he said.
The Office for National Statistics (ONS) said April’s “historic” fall affected virtually all areas of activity, as large parts of the economy remained shut to battle the pandemic.
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