The UK is facing the biggest recession in 300 years

Daily Mail

Although both the OBR and Bank of England see a quick rise if lockdown can be eased, it would still mean an overall 12.8 per cent contraction in 2020 - dwarfing the impact of the credit crunch, Second World War, First World War and Spanish Flu. The calculations also suggest that public borrowing in 2020-21 will reach £298.4billion. The increase is largely driven by the furlough scheme, which is now supporting 7.5million jobs and is expected to cost a net £50billion. Public debt will peak at over 110 per per cent of GDP in September, according to the latest figures. It will hit £2trillion in the coming weeks - four years earlier than was predicted at the Budget in March."