British economy on track for biggest contraction 'in living memory': Report

Topics Coronavirus | UK economy | Lockdown


Britain's economy is on course for an unprecedented 7 per cent quarterly contraction after measures to slow the spread of the coronavirus forced company closures across the country last month, a business survey showed on Tuesday.

Adding to the bleak mood, figures earlier on Tuesday showed monthly car sales had dropped to their lowest since 1946 due to the closure of showrooms, while around a quarter of workers are now on a government-funded furlough. IHS Markit said its Purchasing Managers' Index (PMI) for the services sector.....

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