Published On: Tue, Apr 14th, 2020

Sunak outlines coronavirus damage to the economy ‘serious implications’ | UK | News

The OBR’s dire outlook for the economy could see the UK suffer the worst recession for three centuries, but experts warn against a knee-jerk move to end the coronavirus lockdown to save growth. While avoiding the use of the word “recession”, the Treasury has admitted in response to the OBR report that Britain was heading for a “very significant hit” from the coronavirus crisis. It comes as the coronavirus death toll rose to 12,107 as of 4pm Monday, a rise of 778 in the past 24 hours.

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Speaking at Downing Street, Mr Sunak said: “It is important to be clear that the OBR’s numbers are not a forecast of a prediction.

“They simply set out what one possible scenario might look like and it may not even be the most likely scenario.

“But it’s important we are honest with people about what might be happening in our economy.

“There are three brief points I want to make. First, the OBR’s figures suggest that the scale of what we are facing will have serious implications for our economy here at home.

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“These are are tough times and there will be more to come.

“As I’ve said before, we can’t protect every business and every household but we came into this crisis with a fundamentally sound economy powered by the hard work and ingenuity of the British people and British businesses.

“While those economic impacts are significant the OBR also expects them to temporary where they bounce back in growth.”

More to follow…

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