Home Business News Rishi Sunak concerned economy could crash by 30% this quarter

Rishi Sunak concerned economy could crash by 30% this quarter

by LLB Reporter
13th Apr 20 12:09 pm

The Chancellor Rishi Sunak has warned lockdown measures could crash GDP by 30% this quarter, and there are divisions in the Cabinet to ease the lockdown for economic reasons.

However, Whitehall sources have said there is no chance of restrictions being lifted this week, as ministers are in favour of delaying this for weeks.

Sunak has warned that the UK PLC could shrink by up to 30% with millions of jobs on the line in the coming months.

Last week a think tank, the National Institute of Economic and Social Research (NIESR), said 25% of the economy could be lost by the summer, under the lockdown measures.

The British Prime Minister Boris Johnson was discharged from St Thomas’s Hospital on Sunday, but he will not return to Downing Street.

Johnson has spent a week in hospital and will recuperate at Chequers, in Buckinghamshire, his official country retreat.

A Downing Street spokesman said, “The Prime Minister has been discharged from hospital to continue his recovery at Chequers.

“On the advice of his medical team, the Prime Minister will not be immediately returning to work.”

The Telegraph was told by Cabinet sources that Johnson must sign off on any major lockdown.

Johnson “has to take that decision. Any lockdown will have huge implications, and the PM will be responsible for it, so he’s got to be the one taking that decision.”

A senior Tory MP added, “It should absolutely be Boris. He’s the captain of the ship. It has to be someone who has the confidence of the nation.”

Downing Street has previously said the government will take scientific and medical advice from their advisors over lifting restrictions.

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