There may be trouble ahead -
The UK is likely to be the hardest-hit by Covid-19 among major economies, a leading agency has warned.
Britain's economy is likely to slump by 11.5% in 2020, slightly outstripping falls in countries such as Germany, France, Spain and Italy, it said.
If there were a second peak in the pandemic, the UK economy could contract by 14%.
The Organisation for Economic Co-operation and Development described the impact as "dire" everywhere.
It said that in what it called a "single-hit scenario", with no second peak, there could be contractions of 11.4% in France, 11.1% in Spain, 11.3% in Italy and 6.6% in Germany.
In its latest assessment, the OECD found that the trade, tourism, and hospitality sectors, which make up large parts of the UK's service-based economy, have suffered under lockdown restrictions introduced by the government.
In response to the think tank's report, Chancellor Rishi Sunak said the UK was not the only one to suffer: "In common with many other economies around the world, we're seeing the significant impact of coronavirus on our country and our economy.
"The unprecedented action we've taken to provide lifelines that help people and businesses through the economic disruption will ensure our economic recovery is as strong and as swift as possible."
Full article - Virus could hit UK economy hardest of rich nations
The UK is likely to be the hardest-hit by Covid-19 among major economies, a leading agency has warned.
Britain's economy is likely to slump by 11.5% in 2020, slightly outstripping falls in countries such as Germany, France, Spain and Italy, it said.
If there were a second peak in the pandemic, the UK economy could contract by 14%.
The Organisation for Economic Co-operation and Development described the impact as "dire" everywhere.
It said that in what it called a "single-hit scenario", with no second peak, there could be contractions of 11.4% in France, 11.1% in Spain, 11.3% in Italy and 6.6% in Germany.
In its latest assessment, the OECD found that the trade, tourism, and hospitality sectors, which make up large parts of the UK's service-based economy, have suffered under lockdown restrictions introduced by the government.
In response to the think tank's report, Chancellor Rishi Sunak said the UK was not the only one to suffer: "In common with many other economies around the world, we're seeing the significant impact of coronavirus on our country and our economy.
"The unprecedented action we've taken to provide lifelines that help people and businesses through the economic disruption will ensure our economic recovery is as strong and as swift as possible."
Full article - Virus could hit UK economy hardest of rich nations
