“It is clear that the UK is in the largest recession on record."
Government and corporations will again balance the costs of a long-term stimulus on the backs of the poor
Debt was more than 100 per cent of GDP for the first time in 59 years, the Office for National Statistics said.
If a “typical” free trade agreement is struck with Brussels, the Office for Budget Responsibility predicted a 5.2 per cent loss of potential GDP over the next 15 years after Brexit.
Analysts also said the central bank could increase asset purchases later this year to deal with the impact of the virus.
Global jobless levels may end up being more comparable to those of the 1930s than 2008, officials said.
The IMF chief economist said going forward she thinks ‘we could end up with a much more flat’ recovery.
The government’s socialist measures might be a temporary economic prop, but they can't ignore the wealth building movement for much longer.
Analysts at Bank of America say that Brexit has turned it into a mirror of the “small and shrinking” UK economy.