⁍ Bank of England Governor Andrew Bailey said there is a significant risk of further disappointments to UK economic growth.

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⁍ Britain’s economy shrank by 20% in the three months to June.

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⁍ Many economists expect the BoE to announce further bond purchases on Nov. 5.

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– The UK’s economy shrank by 20% in the second quarter, the biggest drop of any advanced economy, and the Bank of England is expecting it to shrink another 10% by the end of the third quarter. “Ten percent is still a huge gap, let’s be clear on that,” says Bank of England Governor Andrew Bailey. “We’re operating at an unprecedented level of economic uncertainty. Of course, that is heightened now by the return of COVID,” he said, referring to the strain of coronavirus causing the current outbreak. “The risks remain very heavily skewed towards the downside,” he added, according to Reuters.