UK recession likely worse than expected with 25% contraction this quarter
With wage subsidies driven by the Covid-19 extended until October, and consumer spending falling, the country is hurting
London — The UK economy shrank almost 6% in March as the nation went into lockdown, plunging it into what may be its deepest recession in more than three centuries.
The sharp decline is only a small part of the damage of the restrictions to control the coronavirus, which were in place for all of April and look set to endure in some form for months to come. The measures heaped misery on an already tepid economy, with the Bank of England (BOE) forecasting a staggering 25% contraction this quarter...