UK economy posts sharpest contraction on record

Britain's GDP fell by 5.8% in March, with 1Q GDP down by more than 2%, according to government figures published this morning by the Office for National Statistics (ONS). The covid-19 lockdown came into effect late in March. Last week the Bank of England forecast a 25% decline YoY for 2Q2020, and expects a huge 14% decline overall through the course of this year. The BoE's outlook would mean the UK is set to experience its worst recession since 1706. March saw the biggest monthly decline in GDP since 1997, according to the UK's Office for National Statistics (ONS). Richard Pearson,...