Federal Reserve Chair Jerome Powell said Tuesday the scope and speed of the economic downturn due to Covid-19 in the U.S. “are without modern precedent and are significantly worse than any recession since World War II.” Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm QUICKTAKE ON SOCIAL: Follow QuickTake on Twitter: twitter.com/quicktake Like QuickTake on Facebook: facebook.com/quicktake Follow QuickTake on Instagram: instagram.com/quicktake Subscribe to our newsletter: https://bit.ly/2FJ0oQZ Email us at quicktakenews@gmail.com QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.

The Bank of England has warned that the UK is heading for an unprecedented recession. It says the economy is on course for the sharpest annual contraction for 300 years, with the coronavirus pandemic dramatically reducing jobs and incomes. The Governor of the Bank of England said the economy is expected to contract by 14%, twice as big a downturn as the great crash of 2008. Unemployment could double to 9% although the Bank of England is forecasting that the economy will bounce back next year. Meanwhile The Prime Minister will make a public statement on Sunday setting out the next stages of lockdown and any plans to ease it. But Boris Johnson has said his government will “advance with maximum caution”. In Scotland First Minister Nicola Sturgeon has made clear that she will not be pressured into acting too early to ease the lockdown, saying getting it right is “a matter of life and death”. Sophie Raworth presents BBC News at Ten reports from Economics Editor Faisal Islam and Political Editor Laura Kuenssberg. Please subscribe HERE http://bit.ly/1rbfUog