By Tony Winterburn • 24 April 2020 • 7:53
A shocking new official report has revealed that almost one in four companies has stopped trading as a result of the coronavirus lockdown.
The data laid revealed the scale of the pandemic’s devastating impact has had on the UK economy, the Bank of England has warned that Britain could be in the grip of its worst economic slump not seen for a hundred years.
Jan Vlieghe, a member of the panel that sets the Bank’s interest rates, said: ‘We are experiencing an economic contraction that is faster and deeper than anything we have seen in the past century, or possibly several centuries.’
Businesses that have been affected the most are theatres, cinemas, entertainment, tourism, hotels and restaurants, with eight out of 10 being forced to close.
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