Sunak Warns GDP to Fall by 25-30%

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Chancellor of the Exchequer Rishi Sunak

The UK’s gross domestic product (GDP) could fall by 25 to 30 per cent in the second quarter amid the COVID-19 pandemic, Chancellor Rishi Sunak said…reports Asian Lite News

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CORONA IN LONDON: Photo shows a general view of Westminster Bridge and the Houses of Parliament in London, Britain. (Photo by Tim Ireland/Xinhua/IANS)

Sunak made the remarks when discussing with his colleagues about the virus’s impact on the economy as members of the cabinet pressed for easing lockdown restrictions next month, reports Xinhua news agency.

City analysts have forecast an average 14 per cent contraction in the economy caused by the coronavirus lockdown, but some banks have predicted a drop of 24 per cent.

The Treasury is conducting its own analysis which is yet to be completed.

Ten cabinet ministers are now pressing for the easing of the lockdown next month because they are concerned that the “cure” for the disease

Prime Minister Boris Johnson PMQs by .
TAMING A CRISIS ORIGINATED IN CHINA- Prime Minister Boris Johnson during the Chinese New Year celebrations at No 10 Downing Street

Meanwhile, the coronavirus death toll in Britain has increased to 10,629, while the number of confirmed cases reached 85,208.

Prime Minister Boris Johnson “has been discharged from hospital to continue his recovery at Chequers”, a Downing Street spokesman said Sunday.

“On the advice of his medical team, the Prime Minister will not be immediately returning to work. He wishes to thank everybody at St Thomas’ for the brilliant care he has received,” the spokesman said.

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