The news came from the bank’s governor, who was speaking after figures showed that UK’s economy shrank by 20.4% in April 2020, as the country spent its first full month in lockdown. Furthermore, 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.
The contraction is three times greater than the decline seen during the whole of the 2008 to 2009 economic downturn. But analysts said April 2020 was likely to be the worst month, as the government began easing the lockdown in May 2020.
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