To grasp how low are the expectations for the UK economy, consider this: on Wednesday it was announced that the national output had just had its biggest drop since the great crash of 2008 — and the immediate response of many analysts was surprise that it had not fallen further.
Even so, the statistics make grim reading. Over the first three months of 2020, GDP shrank 2% on the previous quarter. The economy was already slowing in February, and then came the UK’s first coronavirus deaths. In March alone, GDP plunged nearly 6% (https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/march2020?hootPostID=2b4f79ef951a39d66dfbb88a196a4492) — the greatest contraction since records began in 1997...
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