Keep up with what’s been happening this week in our finance and accountancy news round-up…

Bank of England says economy could shrink 14% but rebound sharply

The UK economy could shrink by an enormous 14% in 2020 before rebounding strongly in 2021, the Bank of England has said as it kept interest rates on hold at their current record lows.

Coronavirus: EU facing ‘deep and uneven recession’

The European Union faces a deep and uneven recession, according to a new forecast from the EU’s Commission.

Watchdog investigates EY audit of scandal-hit NMC Health

Britain’s accountancy watchdog has opened an investigation into EY’s audit of the scandal-ridden private hospital operator NMC Health, which collapsed into administration last month.

Coronavirus: Deloitte in talks to slash pension contributions

Deloitte, the big four accountancy firm, is proposing to slash pension contributions for thousands of UK staff as it seeks to maximise cost savings due to the COVID-19 pandemic.

Further store closures loom as Clarks calls in KPMG, Deloitte and PwC

Clarks has reportedly drafted in three of the Big 4 accountancy firms to work on a potential restructuring as it seeks to survive through the coronavirus pandemic.