LONDON: Britain's economy looks set for a slump that in the short term could be deeper than during the depression of the 1930s, as a survey showed the coronavirus crisis caused a record downturn among services and manufacturing firms in March.
Sterling weakened almost half a cent against the dollar to its lowest since March 31 after the news, which was only a bit less bleak than the equivalent euro zone survey. Tim Moore, economics director at IHS Markit, said job losses had been mitigated by firms' use of a government scheme to temporarily put staff on leave, rather than fire them.
British Airways said on Thursday it had struck a deal with its unions to suspend more than 30,000 cabin crew and ground staff. Data on Wednesday showed around 950,000 people in the United Kingdom have applied for welfare benefits in the two weeks since Johnson shut down swathes of the economy.
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