The UK is expected to suffer a 35% drop in economic output as a result of the coronavirus lockdown measures, according to forecasts by the Office for Budgetary Responsibility (OBR) published on Tuesday (14th April) 2020.
THE ECONOMY IS GDP AND GDP IN GOOD TIMES IS AROUND £2.3 TRILLION
The OBR expects the UK economy to slump by 35% between March and June before recovering in the last six months of 2020, although it would still contract by 12.8% for the year as a whole. Unemployment is set to increase by more than 2 million to 10% in the second quarter, before gradually falling.
Last month, Boris Johnson’s government announced a £350 billion (€400 billion) financial rescue package in a bid to offset the economic damage unleashed by the coronavirus crisis.
BUT HOW MUCH IF ANY OF THIS WILL YOU SEE?