UK Economy Could Shrink 14% This Year, Budget Forecasters Say

• Britain’s economy could shrink by more than 14% this year if there is lasting damage from the coronavirus, a scenario that would push government borrowing to nearly half a trillion dollars, budget forecasters said on Tuesday.
• The base scenario, with only moderate long-term damage, showed a 12.4% fall in output, with a 14.3% decline if the scarring is deeper. In the downside scenario, borrowing in the current financial year could hit £391Bn ($490Bn), and in the upside scenario- £263Bn, with output falling 10.6%.

(Source: Reuters)