There
can be no better illustration of the calamitous collapse in Britain's
output and wealth since lockdown began on March 23 than the 97.3 per
cent fall in motor registrations last month.
As a financial writer, I have reported on
Britain's humiliating search for a bail-out from the International
Monetary Fund in 1976, on the stock market crash of 1987, the UK's
ejection from the European Monetary System (precursor of the euro) in
1992 and the financial crisis of 2008-09.
I can honestly say we've never had it so bad. In
spite of the valiant effort of our young and inexperienced Chancellor
Rishi Sunak to keep the economy alive with a hugely expensive package of
measures, the nation is heading for a slump, a surge of insolvencies
and levels of unemployment almost certainly not seen in our lifetimes."
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