The United Kingdom is facing a “significant recession”, according to the Chancellor, Rishi Sunak. The Office for National Statistics reported a record fall in economic output in March.
The impact of the pandemic is likely to be even more damaging in the coming months, with one expert warning that the economy is in “freefall”.
The economy shrank by 2% in the first 3 months of this year, a period that includes only the first few days of the lockdown. The independent Institute for Fiscal Studies warned that the real impact of the lockdown is yet to be felt, with household spending shrinking at the fastest rate in more than 11 years.
