Economic Briefing Report

Pandemic pains and Brexit games

UK GDP fell by 2% qoq in Q1, with output falling by a record 5.8% in March, giving a foretaste of the economic impact of the pandemic. Household consumption fell by 1.7%. The CJRS has undoubtedly helped spending, which would have seen a deeper fall without the scheme. Currently, there are 8.4 million furloughed employees. 

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