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UK Economy Not Looking Too Rosy According to Bank of England Policy Maker

By John Smith • Published: 29 May 2020 • 13:25

MICHAEL SAUNDERS a member of the Bank of England Monetary Policy Committee has issued a frank statement about the UK economy and his expectations for the coming years.

In simple terms, there is likely to be a huge increase in unemployment, a drop in the amount of money collected through taxation and a reduction in the amount spent by consumers.

With almost zero inflation and reduced bank lending foreseen, the Bank of England will almost certainly need to increase the volume of cash it pumps into the economy as it also tries to cope with Brexit.

Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

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