If we face the worst recession since 1706, the government must do all it can to help the recovery
Chancellor Rishi Sunak intervened to protect the economy during the lockdown. He will have to do that again after it’s lifted amid Threadneedle Street’s prediction of a 14 per cent fall in GDP, says James Moore
Welcome to the economic apocalypse. No longer will future downturns be described as the “worst since the Great Depression”. The coronavirus crisis looks primed to beat even that horror.
The Bank of England’s latest scenario envisages the UK economy shrinking by 14 per cent over the course of this year, which is stunning.
Reports on economic numbers almost always contain a “since” to give the reader a point of comparison against which to judge the dry data. The one the Bank’s projecting does have one. Drum roll please: it’s 1706.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies