Worst is over, says Bank

THE economic chaos caused by the pandemic may be bottoming out, says the Bank of England.

Andy Haldane, chief economist at the central bank, said there were signs of ‘stabilisation and a very modest recovery’.

But he added the first half of the year was ‘ugly’ and it would be some time before the economy returns to its former strength. It follows the Bank’s publication of a ‘scenario’ earlier this month, in which it warned the economy could shrink 14 per cent in the worst annual slump since 1706.

Mr Haldane said: ‘If we’ve found our floor, and perhaps even nudged up from that floor, that’s a cause for a little bit of cautious optimism.’