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Coronavirus: Bank of England says downturn less severe than feared

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The UK economy faces a less severe downturn but slower recovery from the coronavirus pandemic, according to the Bank of England

The Bank expects the economy to shrink by 9.5% in 2020.

While this would be the biggest annual decline in 100 years, it compares with an initial estimate of a 14% contraction.

However, the Bank warned that the jobs market recovery would take longer as it held interest rates at 0.1%.

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