TROAJAN31 May 2020 16:16
The UK economy could fall off a cliff edge due to the Covid-19 lockdown, potentially shrinking 35% between April and June while unemployment surges by more than two million, according to Britain’s fiscal watchdog.
In its first estimate of the economic toll taken by the coronavirus crisis, the Office for Budget Responsibility (OBR) said unemployment could hit 3.4 million, leaving around one in 10 of the working population without a job.
And public sector net borrowing could reach £273 billion in 2020-21, or 14% of gross domestic product (GDP), marking the biggest deficit since the Second World War.
It has based the grim outlook on a scenario where the lockdown lasts three months followed by a partial lifting for three months.
https://obr.uk/coronavirus-analysis/
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