RISHI SUNAK has warned colleagues the country’s GDP could plummet by up to 30 percent between April and June, with the Cabinet split over how and when coronavirus lockdown measures should be lifted.
Chancellor Rishi Sunak discussed the possibility with ministers of a “25 per cent to 30 per cent” fall in the second quarter of this year, according to a report from The Times. That would be a huge increase on the economic predictions made for the UK by city analysts as the braces for an immediate hit on its financial growth. They have forecast an average 14 percent contraction in the economy caused by the current coronavirus lockdown, which has now been in place for three weeks.
But some banks are predicting a drop of 24 percent, with the Treasury now currently completing its own analysis.
Businesses have been forced to close in a move that has triggered a collapse in the jobs market, with more than one million people already out of work as a result.
Schools have also been shut, throwing plans for the end of the academic year and resulting exams into disarray.
Last week, financial experts told Express.co.uk the UK economy could shrink by 25 percent over the coming months as the disastrous impact from huge coronavirus spending kicks in.
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(5) Coronavirus pandemic has exposed ‘failing’ EU as ‘irrelevant’
