Bank of England pumps extra £150,000,000,000 into economy as lockdown begins

The Bank of England has injected another £150 billion into the economy amid fears the second lockdown will send GDP plummeting and wipe out thousands of jobs. Tighter coronavirus restrictions, including the national shutdown beginning in England today, are expected to push the UK into another downturn. Experts fear it could plunge the UK into a double-dip recession, but the Bank’s latest forecasts suggests the economy will narrowly avoid this as activity recovers at the start of next year. It said gross domestic product (GDP) will pick up in the first quarter of 2021, but warned that activity will still remain ‘materially lower’ than before the coronavirus crisis