Tougher restrictions brought in to wrestle down the second wave of coronavirus started derailing the economic recovery in October, according to the Bank of England's chief economist. Mr Haldane added: 'With the announcement of the national lockdown, that caused a further shedding down of our projections for the fourth quarter. We're now projecting a small contraction in activity for the fourth quarter. He said this positive forecast was built on two pillars - the loosening of restrictions and better coronavirus treatment. The record surge in the third quarter came after a record fall in the second quarter, of 19.8 per cent.

Source: Daily Mail November 23, 2020 18:01 UTC