Bank of England warns of worst contraction in centuries, as economic activity slumps - business live

UK is suffering fastest and deepest slump in "possibly several centuries", warns BoE policy maker Jan Vlieghe

• Latest: Another 4.4 million Americans out of work
• Vlieghe says UK faces historic shock
• UK economy shrinking fast
• Eurozone PMI also hits record low
• UK to issue 225bn of new debt by July

2.52pm BST

Newsflash: America's economy is sinking at the fastest rate in at least a decade, but not as badly as in the UK and the Eurozone.

Data firm IHS Markit says its flash US Composite Output Index has slumped to 27.4 this month, down from 40.9 in March.

The decline in output largely stemmed from a slump in both domestic and foreign client demand. Temporary company closures, travel restrictions and other emergency public health measures across the globe weighed on total new orders.

Services companies registered the steepest rate of decline in the survey's history, while manufacturers recorded the sharpest fall in sales since the depths of the financial crisis in early-2009.

2.35pm BST

Wall Street has shrugged off today's jump in US unemployment.

The S&P 500 index has risen by 18 points, or 0.7%, to 2817 - despite another 4.4m Americans filing jobless claims last week.