Recession expected

Chancellor warns of 'severe recession’Chancellor Rishi Sunak has warned that the UK is facing a “severe” recession, telling the Lords economic affairs committee that the "jury is out" on the "degree of long-term scarring" that the coronavirus crisis and support measures rolled out to tackle it will cause. Mr Sunak said lockdown measures are having a significant impact on the economy, adding that the country is “likely to face a severe recession, the likes of which we haven't seen,” with it “not obvious there will be an immediate bounceback". He added: “We are clearly dealing with something unprecedented so economic forecasting is not as precise as it might normally be."