Separately on Tuesday, the IMF said the British economy looked set to shrink by 6.5 per cent in 2020 as a whole, alongside similarly huge contractions for other economies, before growing by 4.0 per cent in 2021. The Office for Budget Responsibility said the economy could bounce back quickly after the plunge in the second quarter. The budget deficit could hit £273 billion in the 2020/21 tax year, five times its previous estimate and equivalent to 14 per cent of GDP. Public sector net debt could exceed 100 per cent of gross domestic product during the 2020/21 financial year but end it at around 95 per cent of GDP. Before the crisis, the OBR had forecast debt would be 77 per cent of GDP in 2020/21.

Source: The Telegraph April 14, 2020 19:18 UTC