Corona threatens to deteriorate Britain’s economy and pressure to ease “isolation”

Times newspaper reported British Minister of Finance, Rishi Sonak, as saying to his colleagues that the gross domestic product may fall to 30%. Between April and June, cabinet members called for easing restrictions on public isolation amid the spread of the Corona virus.

The newspaper added that Sonak discussed the probability of a retreat ranging between 25 and 30% in the second quarter GDP. It said that 10 ministers are pressing for easing the measures of isolation next month.
The report did not identify those ministers.
The newspaper quoted a minister as saying: “It is important that we do not end up causing more harm because of the general isolation. We are looking for another 3 weeks of general isolation and then we can begin to dilude it,” he said. The newspaper did not mention the minister’s name.
In mid-March, Britain announced that it would provide loan guarantees worth £330 billion ($399 billion), equivalent to 15% of its GDP.
Britain is working on measures to help the affected companies. Intensified efforts to fight the economic consequences of Corona virus.

A survey declared earlier concluded that Britain’s economy is contracting at a record pace, faster than during the financial crisis in 2008 and 2009, as companies all over the service sector close doors to face Corona virus.

The index of first pooled procurement managers was the main one; To 37.1 in March from 53 last February, reaching its lowest level in more than 22 years.
The British economy in the worst stages of the recession of 2008 and 2009 has contracted 2.1% in one quarter.

Economic data showed last Friday. The performance of the service sector in Britain retreated last March at its highest pace in about 20 years, on the background of the economic closure of the country with the aim of preventing the spread of Corona virus.
The employment index recorded its first drop in 5 months, recording the fastest drop since June 2009.