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The economic activity in the UK has collapsed, Andy Haldane, the Chief Economist of the Bank of England (BoE), said on Monday.

“We are seeing a possibly unprecedented level of inactivity in the labour market,” Haldane added, as reported by Reuters.

Market reaction

The UK’s FTSE 100 Index edged slightly lower and was last seen losing 0.26% on the day at 6,467.55 points. Meanwhile, the GBP/USD pair largely ignored these comments and continues to cling to modest daily gains around 1.2700 in the early American session.

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