GDP fell by 5.8% in March as the coronavirus dealt a hammer blow to the economy – and analysts expect WORSE to come
The UK economy contracted by 2% in the first quarter of 2020 after plunging 5.8% in March as the coronavirus crisis took hold, the Office for National Statistics has said.
The shocking figures come just a day after Chancellor Rishi Sunak extended the job subsidy scheme until the end of October as he conceded yesterday that the UK is already in recession.
Mr Sunak told the BBC: ‘We already know that many people have lost their jobs and it breaks my heart.
‘We’ve seen what’s happening with Universal Credit claims already. This is not something that we’re going to wait to see, it’s already happening.
‘There are already businesses that are shutting. There already people who have lost their jobs. That’s why I’m working night and day to limit the amount of job losses.’
More to follow…