UK economy could shrink 14% this year, budget forecasters say – ZAWYA

UK economy could shrink 14% this year, budget forecasters say – ZAWYA

UK economy could shrink 14% this year, budget forecasters say | ZAWYA MENA Edition HomeEconomyGlobalArticleUK economy could shrink 14% this year, budget forecasters say UK is on track to record the largest decline in annual GDP for 300 years    Chancellor of the Exchequer Rishi Sunak arrives in Downing Street as the spread of the coronavirus disease (COVID-19) continues, London, Britain, April 6, 2020. LONDON - Britain's economy could shrink by more than 14% this year if there is lasting damage from the coronavirus, a scenario that would push government borrowing to nearly half a trillion dollars, budget forecasters said on Tuesday.The Office for Budget Responsibility, whose projections are used by the government, said tax hikes or spending cuts would probably be needed to fix the huge hole in the public finances."The UK is on track to record the largest decline in annual GDP for 300 years, with output falling by more than 10% in 2020 in all three scenarios," the OBR said in a report.The Office for Budget Responsibility, whose projections are used by the government, said tax hikes or spending cuts would probably be needed to fix the huge hole in the public finances.LONDON - Britain's economy could