GDP to decline by up to 30% amid pandemic- UK Finance Minister

Britain’s gross domestic product (GDP) is expected to contract by up to 30%, according to Finance Minister Rishi Sunak. The forecast was disclosed to his colleagues as members of the cabinet demanded to ease lockdown restrictions amid the coronavirus pandemic.

According to reports that the Times newspaper released, Sunak told his colleagues that a 25% to 30% decline in GDP is possible in the second quarter of the year. Moreover, ten ministers forwarded a motion to ease lockdown restrictions next month. The identity of those ministers weren’t revealed.

“It’s important that we don’t end up doing more damage with the lockdown. We’re looking at another three weeks of lockdown and then we can start to ease it,” one minister said.

The prediction had increased up to 30% from analysts’ original forecast of 14% as figures suggest that the UK economy is heading towards a sharp recession due to the coronavirus pandemic.