Currency and stock markets have shrugged off a dire economic report of the Bank of England

London

BOTH sterling and London's Footsie index rose slightly despite a Bank of England (BOE) prediction that the economy would slump by 25 per cent in the second quarter following a 4 per cent decline in the first quarter of 2020. If the forecast proves to be correct, this would be the worst economic performance since the imploding of the South Sea Bubble three hundred years ago.

The BOE also estimates that "UKweighted world GDP" declined by around 4 per cent in Q1 and could fall by over 20 per cent in Q2. World trade is expected to contract by around twice as much as global gross domestic product in 2020, the BOE predicts.