This week the OBR painted a bleaker picture for the UK economy, forecasting lasting economic damage from the coronavirus pandemic. Hopes for a V-shaped recovery are fading after the UK economy grew just 1.8% in May, having fallen 20.4% in April.
Was today the day the dream of a V-shaped recovery truly died?— Ed Conway (@EdConwaySky) July 14, 2020
First the @ONS said growth didn't rebound as much as hoped in May.
Now the @OBR_UK paints a central scenario showing we won't be back to 2019 levels of GDP til late 2022. And may NEVER return to the pre-COVID GDP path pic.twitter.com/J4ZXjNzRLG
Did you notice that all the scenarios are wildly optimistic, because they have assumed in all cases that the UK successfully strikes a new trade deal with the EU before the end of 2020. Page 27 is the key. They have not attempted to model what happens if we don't. pic.twitter.com/Gu1RAh07Ly— Edwin Hayward 🦄 🗡, UK 🔜 EU (@uk_domain_names) July 14, 2020
