Coronavirus update: UK faces "significant recession", according to Chancellor

Published by Ross Hindle on May 13th 2020, 11:11am

Rishi Sunak has warned that it is "very likely" that the UK is in a "significant recession", following the release of ONS figures that show the economy took a two per cent hit in Q1 2020.

In more positive news, people have started to return to work today, and the government's slightly more relaxed rules regarding outdoor exercise have come into play.

But, as people return to offices in person, one firm has embraced home working as the new normal for good: social media platform Twitter has announced that its staff will be able to work from home "forever".

This is the latest coronavirus-related move from Twitter CEO Jack Dorsey, who donated 28 per cent of his net wealth to Covid-19 response efforts last month.

The EU has promised a summer "tourist season" for its member states, amid fears that the economy will only be affected further by the lack of inbound visitors.

And although the much-discussed "R number" has increased in Germany, experts are convinced they can stem the tide of the infection, with one doctor stating that increases on individual days are "not a problem".

The next Leaders Council update will follow tomorrow.

Share this article

The Leaders Council

About The Leaders Council

The Leaders Council of Great Britain and Northern Ireland is a network of the most influential figures from across the country. Through detailed case studies, news coverage, podcasts and leadership events, we strive to unearth the authentic voice of British industry. Find out more about our Membership Benefits.

Related News Stories

Authored By

Ross Hindle
Content Director
May 13th 2020, 11:11am

Follow Us

Follow @LeadersGBNI on Twitter for more live updates

Share this article

Special Reports

SPECIAL REPORT | Published July 4th 2022, 7:22 am

The Impact of the Skills and Post-16 Education Act

SPECIAL REPORT | Published March 4th 2022, 8:31 am

The Impact of the Health and Care Bill

Popular Stories

NEWS | Published August 19th 2022, 12:00 am

UK Export Finance makes new executive appointments

NEWS | Published August 18th 2022, 11:11 am

IFS: Tax cuts “unrealistic” without reduced spending

© Copyright 2022, Leaders Council.