Pedestrians walk along the Southbank in view of skyscrapers in the financial district in London, February 17, 2020. — Reuters pic
In the model, real GDP could fall 35 per cent in the second quarter, but bounce back quickly once the coronavirus restrictions are eased. The model suggested that half of those made unemployed by the crisis could return to work by the end of the year, but that the unemployment rate could still be around 1.5 per cent higher than pre-virus levels at the end of 2021.
Yesterday, Foreign Secretary Dominic Raab, who is deputising for Prime Minister Boris Johnson as he recovers from his own bout of Covid-19, warned the UK would not lift its nationwide lockdown anytime soon. The government has already announced huge public spending measures to support businesses and those out of work, leading to a large increase in predicted borrowing.
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