Bank of England forecasts largest economic slump in 300 years

The Bank of England has forecast that UK GDP will drop by 14 per cent this year, the biggest economic slump in 300 years.

The figure from its “illustrative scenario” is even worse than the one projected in an eye-opening Office for Budget Responsibility (OBR) scenario last month, which forecast that GDP would drop 13 per cent. If the Bank’s forecast comes true, it would mark the largest drop in economic output since the 18th century, according to reconstructed historical data.