First-quarter slump just a foretaste of worse to come for UK economy
by Richard Partington from on (#53D96)
Given emerging scale of Covid-19 crisis, talk of rapid bounce back could be wishful thinking
The first step into the deepest recession in living memory has been taken. With only two weeks of lockdown measures accounted for, Britain entered an economic slump unparalleled since the 2008 financial crisis.
But while the crash after the collapse of Lehman Brothers was supposed to be a once-in-a-lifetime occurrence, the early evidence from the Office for National Statistics for the first quarter of 2020 shows Covid-19 will easily eclipse the last crisis. And the worst damage is yet to come.
Related: UK economy shrank by 2% in first quarter after record monthly plunge
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