The Bank of England, London. Photo: Matt Dunham/AP

The United Kingdom is on track to enter its deepest annual recession in three centuries, the Bank of England forecast this week in its monetary policy report, the Financial Times writes.

The big picture: In March, the global market began seeing economic effects of the novel coronavirus outbreak morphing into a depression unlike any the world has seen in generations.

Details: The central bank sees an almost 30% drop in output in the first half of 2020, "the fastest and deepest recession since the 'great frost' in 1709," FT reports.

  • The U.K. unemployment rate is likely to reach 9% next year, the central bank forecasts, even as the government pays workers 80% of their salaries to make up for lost wages due to stay-at-home orders.
  • Near-term investments are expected to fall sharply in response to the pandemic, the bank forecasts — which will "permanently reduce" the productive capacity of the economy if not recovered after the outbreak ends.

Go deeper: Coronavirus could force the world into an unprecedented depression

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Updated 33 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

Aug 11, 2020 - Health

Georgia reports 137 coronavirus deaths, setting new daily record

Georgia Gov. Brian Kemp puts on a mask after speaking at a press conference. Photo: Elijah Nouvelage/Getty Images

A record 137 people have died from the coronavirus in Georgia on Tuesday, surpassing the state's record from last week, according to the Georgia Health Department.

By the numbers: Georgia is one of several states in the South that saw spikes in daily deaths on Tuesday, including Florida which had a record 276 deaths. Alabama and Tennessee recorded their second-highest daily death tolls at 50 and 38, respectively.

Updated Aug 11, 2020 - Sports

PAC-12 and Big Ten postpone fall sports due to coronavirus

Photo: Joe Robbins/Getty Images

The Big Ten and Pac-12 announced Tuesday that they've voted to postpone their 2020 fall sports seasons, including football, due to risks posed by the coronavirus pandemic, hoping instead to play in the spring.

Why it matters: The move from two of the most prominent conferences in college sports will almost certainly prompt other Power Five leagues to follow suit.