Load Error Disposable income earned by UK households, once it has been adjusted for tax and benefits, will be 17% lower in the second quarter of this year, according to analysis from the Centre for Economics and Business Research consultancy. The data firm Markit’s survey of UK purchasing managers, due on Thursday, is likely to show that output across the economy slumped in April, faster than in the depths of the financial crisis in 2008-09. The CEBR predicts the pandemic will cause the deepest recession since the financial crisis, with unemployment more than doubling, after businesses had to temporarily close as a result of lockdown restrictions and cutting costs to preserve cash. Gallery: Social distance and empty spaces: UK life under lockdown (Photos) Following the rapid spread of coronavirus (COVID-19) throughout the world in 2020, the U.K. has been responding by implementing increasingly stringent measures over the last few weeks. Three days after ordering schools across the country to close indefinitely, Prime Minister Boris Johnson announced strict social distancing measures on March 23, which were extended a furtherthree weeks on April 16. These include a total ban on public gatherings of more than two people, the prohibition of travel other than for essential work and medical reasons, and that peopleare notto leave their homes other than to carry out one form of exercise daily. The Resolution Foundation thinktank calculates that the coronavirus job retention scheme (CJRS) will cost the exchequer £40bn in its initial March-to-May phase, because of the large number of private firms taking advantage of it.
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