Just three weeks ago, the OBR published forecasts of 1.1% growth in 2020.
How times have changed.
On the very same day, the Chancellor warned us to ignore these forecasts and to prepare for a ‘significant impact’ on our economy.
Since then the situation has deteriorated further. Hopes that the recession that we are now in would be ‘v-shaped’ – i.e. a sharp downturn followed by a bounce-back in the months to follow – have sadly largely disappeared.
The latest data, and emerging insights from on the ground, suggests that the effects of this crisis are going to be long-lasting.
In this blog we assess why.