The ONS has finally confirmed the scale of economic destruction coronavirus and the lockdown have wrought on the UK economy. Throughout the 2008 Recession, GDP shrunk by no more than 2.1% in a single quarter. By comparison in the three months to April this year, GDP shrunk by an unprecedented 10.4%. Taking April alone the drop was 20.4%…

Commenting on the new figures, the ONS’ Jonathan Athow said

“April’s fall in GDP is the biggest the UK has ever seen, more than three times larger than last month and almost ten times larger than the steepest pre-covid-19 fall. In April the economy was around 25% smaller than in February.”

Government intervention like the expensive furlough scheme can’t go on forever. This unprecedented fall in GDP will be felt in more people’s pockets soon…