UK Chancellor: Potential for a 30% drop in UK GDP – The Times

The Times reports that "the chancellor is said to have told colleagues that the nation’s GDP could fall by as much as 30 per cent between April and June as cabinet colleagues call for restrictions to be eased."

Lead paragraphs

Ministers said that Rishi Sunak discussed the possibility of a “25 per cent to 30 per cent” fall in the second quarter of this year.

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...

More to come...