Bank of England publishes UK interim financial stability report

The Bank of England has published their first report on the potential impact of the Coronavirus Pandemic on the banking sector and UK economy.

The report focuses on the recent performance of the financial system after the seriousness of Coronavirus was reported, the resilience of the UK banking sector amidst the Coronavirus Pandemic and discusses the financing of the corporate sector during the Pandemic.

The report also includes a scenario which based on the assessment of risk of the UK's financial stability and the resilience of the UK's economy. If the scenario is correct, it would see the GDP of the UK falling to 14% which would equate to the worst annual slump for more than 300 years.

The report can be read here