People look out over Ullswater in the summer sunshine in Pooley Bridge in the Lake District in northwest England. Britain's economy shrank by more than 20% in the April-June period, worse than any other big industrialised nation. – AFPPIXBank of England deputy governor Dave Ramsden and another interest-rate setter, Gertjan Vlieghe, warned today of risks that Britain's economy could suffer more damage than spelt out by the central bank last month.
Britain's economy shrank by more than 20% in the April-June period, worse than any other big industrialised nation. That was partly because the country locked down later than many of its European peers. Governor Andrew Bailey told the lawmakers in today's online session that inflation might not be as weak as estimated by the BoE last month, citing evidence that many businesses had not passed a value-added tax cut on to customers as much as had been expected.
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