Britain’s economy is collapsing at an unimaginable rate, along with record declines in business worldwide and a spiral of job losses, according to closely watched surveys.
Economists have warned of hopes for a rapid “V” recovery after the asset stops, with record numbers of British workers losing their jobs, despite government attempts to prevent mass unemployment.
In conclusions likely to fuel frustration over foreclosure costs, the IHS Markit UK purchasing managers’ flash index, a first estimate of private sector activity during the month, went from 36 in March to 12.9 in April. This is by far the lowest reading since the survey began in 1998 and much worse than economists’ forecasts of 31.4.
Britain does not suffer alone.