The UK got new warnings of the lasting economic damage the coronavirus pandemic will inflict on the economy as chancellor of the exchequer Rishi Sunak is due to face MPs on Monday.
The chancellor said last week that data showing a record 5.8% economic contraction in March suggested the UK was probably in the middle of a significant recession, and there were more warnings of the scale of pain ahead at the weekend. “The key worry is if you have not just a very sharp downturn in the economy but one that scars its future potential,” Chote said. “It’s a matter of psychology as much as the concrete restrictions as well.”
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