The OBR report is worth a quick speed read if you have 20 mins to kill
Updated: Jun 26, 2021
Q2 GDP down 35% on Q1, but bounces back quickly when lockdown is lifted
Govt net borrowing soars to £273bn, or 14% of GDP - far higher than at the worst of the 2008-9 crisis, which peaked at roughly 10% of GDP
Public sector net debt soars above 100% of GDP during the downturn, settling back at a still high 95%.
Govt's payroll scheme alone is likely to cost £14bn per month.
GDP falling 13% in 2020 would be worse than not only the financial crisis in 2008, but also worse than both world wars (per the OBR report!)