Economy plunges into deep freeze: Lockdown threatens to hammer GDP in this quarter by at least 7% as output falls off a cliff [LINK]
The huge impact of the Covid-19 pandemic on Britain’s economy is starting to emerge, fresh data revealed today.
With the services and manufacturing sectors thrown into deep freeze, output in both sectors has fallen off a cliff.
The closely-watched Markit/CIPS Flash UK Composite Purchasing Managers’ Index fell to a new record low of 12.9 – down precipitously from an already low reading 36 in March. A reading of 50 or above indicates economic growth, and anything below contraction.
The figures from IHS Markit suggest Britain’s economy is on track for a 7 per cent quarter-on-quarter drop, with many fearing the decline will be more severe.