UK's full economic recovery could take until 2024, says EY report

Thinktank predicts economy will shrink by 20% in April to June putting back a full recovery 18 months later than forecast

The UK's economic recovery from the Covid-19 crisis could take 18 months longer than expected with hopes of a V-shaped recovery fading fast, according to a leading economic forecaster.

Britain's economic output is not expected to return to its 2019 level until the end of 2024, the EY Item Club said on Monday in its latest projections on the health of the UK economy. It had previously expected GDP to match fourth-quarter 2019 size in early 2023.