As death toll soars, UK finance minister warns economy could shrink by 30%: report
LONDON - Britain’s finance minister has told colleagues the economy could shrink by up to 30% this quarter because of the coronavirus lockdown, a newspaper reported, as the soaring death toll gave little hope restrictions would soon be lifted.
The government has had to defend its response to the outbreak, with complaints of insufficient testing, a dearth of protective kit for medics and questions about whether Prime Minister Boris Johnson was too slow to impose a lockdown. He thanked the public for adhering to strict social distancing measures, saying their efforts were worth it and had created a “human shield” around the state-run health service by reducing the spread of the new coronavirus.
The Times newspaper reported that Rishi Sunak, the finance minister, had discussed with colleagues the possibility that Gross Domestic Product would shrink by 25 to 30 percent between April and June.Citing unnamed ministers, the Times reported that Sunak and others were pushing for social distancing measures to be relaxed for the sake of the economy, while others were resisting because of the risk of exacerbating the coronavirus outbreak.
The Treasury spokesman said the figure of 14 billion pounds included some new funding and some previously announced, and represented a tally of everything that had been decided so far. Working in tandem, the Treasury and the Bank of England have announced a package of measures to stop the economy and labour market from collapsing, but there have been complaints that delivery is slow and patchy.
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