Covid-19 to push UK economy towards deepest recession: Bank of England

It would also be the sharpest annual contraction since 1706, according to reconstructed Bank of England data going back to the 18th Century

The Bank of England has warned that the coronavirus pandemic will push the UK economy towards its deepest recession on record, the media reported on Thursday.

In a statement, the bank said the economy was on course to shrink 14 per cent this year, the biggest annual decline on record, based on the lockdown being relaxed in June, reports the BBC.

It would also be the sharpest annual contraction since 1706, according to reconstructed Bank of England data stretching back to the 18th Century.

The Bank's analysis was based on social distancing measures being gradually phased out between June and