Wednesday, Aug 04

British economy crumbles under coronavirus pandemic

UK will issue 180 billion pounds ($222 billion) of government debt between May and July, more than it had previously planned for the entire financial year.
23.04.2020 - 14:53

The United Kingdom’s economy is crumbling under the strain of the coronavirus lockdown and government borrowing is soaring to the highest levels in peacetime history, increasing pressure on the government to set out an exit strategy.

THE COUNTRY'S ECONOMY IS STRUGGLING

Prime Minister Boris Johnson, recuperating at his country residence after being seriously ill with coronavirus, is facing criticism from opposition politicians and some epidemiologists for reacting too slowly to the novel coronavirus outbreak.

Ministers are already struggling to explain high death rates, limited testing and shortages of protective kit, and the grim reality of the damage to the world’s fifth largest economy hit home on Thursday.

“We are experiencing an economic contraction that is faster and deeper than anything we have seen in the past century, or possibly several centuries,” Bank of England interest-rate setter Jan Vlieghe said.

“The risks are that it will take longer and that it will look a little bit more like a U than a V,” Vlieghe said.