Bank of England warns of long term damage to economy

Bank says it is too early to tell how severe damage will be as it leaves interest rates on hold

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The Bank of England has warned there are mounting risks of widespread job losses and companies going out of business across Britain as the economic costs of the coronavirus outbreak become more apparent.

Leaving interest rates on hold at the lowest levels in its 325-year history, the Bank said long-term damage to employment and growth was likely as the government steps up its efforts to contain the disease.