Bank of England policymaker Silvana Tenreyro said the UK economic outlook will “continue to depend on the global and domestic spread of COVID-19.” “Assuming prevalence gradually falls, my central case forecast is for GDP to follow an interrupted or incomplete ‘V-shaped’ trajectory, with the first quarterly step-up in Q3,” she added.

She also noted, “we are already seeing indications of a sharp recovery in purchases that were restricted only because of mandated business closures.” “But I think that this will be interrupted by continued risk aversion and voluntary social distancing in some sectors, remaining restrictions on activities in others, and in general, by higher unemployment.”

On monetary policy, she said “I remain ready to vote for further action as necessary to support the economy.”

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