"There is a degree of expectation growing that although the contraction in the UK's Q2 GDP will be severe, it may not be as bad as had been predicted. That means a contraction of nearer 20% rather than closer to 40%.

With that in mind, the Bank of England pumped a further £100 billion into its QE programme at its Monetary Policy Committee meeting yesterday to add a level of security to the economy. The Bank did agree to slow the pace at which it hoovers up Government bond issuance. This will require private investors to take up the slack. This is a move which shows a degree of confidence in economic activity."

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