- Location
- Somewhere wet & hilly in NW England.
https://obr.uk/coronavirus-reference-scenario/
OBR financial forecast report. Commentary file is the meat of the publication and is worth a read imo. Maybe, not quite as doom and gloom as some might imagine although the range of possible outcomes is quite large and very sensitive to potential fluctuation inducing possibilities as far as I can make out.
***
Typical Beeb headline here - why say something positive when abject misery will do instead - they could've led with a headline relating to the italicised line.:
Record fall coming for UK economy?
Britain's independent tax and spending watchdog has warned the coronavirus pandemic could trigger a record 35% drop in UK growth by June.
The Office for Budget Responsibility said that this was based on an assumption that the current lockdown would last for three months.
Under this scenario, unemployment would hit 10%, up from its current 3.9% rate.
However, once restrictions are lifted, the OBR said it expected growth to recover quickly with no lasting damage.
The OBR outlined the potential hit to the economy and public finances in a special report on Tuesday.
The BBC's economics editor, Faisal Islam, said: "These sorts of numbers are anticipated across the developed world, as most nations pursue forms of shutdown to control the spread of the virus and protect health systems from being overwhelmed.
"The forecast declines illustrate the difficult balancing act for the government in deciding when and how to lift lockdowns, now not expected until May at the earliest."
OBR financial forecast report. Commentary file is the meat of the publication and is worth a read imo. Maybe, not quite as doom and gloom as some might imagine although the range of possible outcomes is quite large and very sensitive to potential fluctuation inducing possibilities as far as I can make out.
***
Typical Beeb headline here - why say something positive when abject misery will do instead - they could've led with a headline relating to the italicised line.:
Record fall coming for UK economy?
Britain's independent tax and spending watchdog has warned the coronavirus pandemic could trigger a record 35% drop in UK growth by June.
The Office for Budget Responsibility said that this was based on an assumption that the current lockdown would last for three months.
Under this scenario, unemployment would hit 10%, up from its current 3.9% rate.
However, once restrictions are lifted, the OBR said it expected growth to recover quickly with no lasting damage.
The OBR outlined the potential hit to the economy and public finances in a special report on Tuesday.
The BBC's economics editor, Faisal Islam, said: "These sorts of numbers are anticipated across the developed world, as most nations pursue forms of shutdown to control the spread of the virus and protect health systems from being overwhelmed.
"The forecast declines illustrate the difficult balancing act for the government in deciding when and how to lift lockdowns, now not expected until May at the earliest."