14 Apr 2020

Coronavirus lockdown could be worst hit to UK economy since 18th century

The figures are almost too enormous to comprehend. An extra two million people unemployed, temporarily taking the total to 3.4m – higher even than its peak under Margaret Thatcher. The UK economy shrinking by more than a third.

That’s the stark warning in a report by the Office for Budget Responsibility – based on the country going through three months of lockdown, followed by another three months of pretty tight restrictions.

The Chancellor insisted today that getting back to normal “is possible”.