"The UK economy shrunk by a little over 20% in April, the first full month of the Covid-19 lockdown. This was the worst data on record, but really only serves as a confirmation of what has been said for some time; that the UK, developed and global economies will all suffer as a result of the pandemic. No two recoveries will be the same, just as no two economies are the same.

The OECD has said that it believes that the UK economy will be one of the worst hit in the developed world, but as Chancellor, Sushi Sunak said in a pair of TV interviews yesterday, that is hardly surprising given UK activity and output are driven by services which will be the last areas to reopen."

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