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Bank of England chief economist Haldane suggests that UK economic output likely fell 25% over 3 month period.

Haldane also predicts continuous bouts of coronavirus peaks. 

Key comments

  • Says the direction of travel has been upwards, that upwards path has come sooner and faster than any mainstream forecaster expected.
  • Says UK economic output likely fell 25% over 3 month period.
  • Says further peaks in coronavirus will surely come, question for economy is how big they will be.
  • Says by end of this year, BoE asset purchases could be around 750 bln.
  • Says we’ve seen a hefty bounce-back in household spending.

More to some…