UK economy could shrink by 35 percent in April-June period: budget forecasters

LONDON - Britain's economy could shrink by 35 percent in the April-June period, and the unemployment rate could more than double to 10 percent due to the government's coronavirus shutdown, the country

LONDON - Britain's economy could shrink by 35 percent in the April-June period, and the unemployment rate could more than double to 10 percent due to the government's coronavirus shutdown, the country's independent budget forecasters said.

The Office for Budget Responsibility said the budget deficit could hit 273 billion pounds in the 2020/21 tax year, five times its previous estimate and equivalent to 14% of gross domestic product, its biggest since World War Two. The projection was based on the assumption that the shutdown lasts for three months followed by another three-month period during which restrictions are partially lifted, the OBR said.The OBR said public sector net debt could exceed 100% of gross domestic product during the 2020/21 financial year but end it at around 95% of GDP.

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