UK in deepest recession, but will not adopt negative interest rates: Report

Britain is enduring its deepest recession in centuries but the havoc wrought by the coronavirus pandemic will not be enough to push the Bank of England to adopt negative interest rates, a Reuters poll found.

The virus has infected just over 5 million people worldwide and killed more than 327,000. Britain has the highest Covid-19 related death toll in Europe despite a lockdown that has kept citizens at home and businesses closed since March 23.

That virtual halt in activity means the economy will contract 17.5 per cent this quarter, the May 19-21 poll found, a much sharper contraction than