Economists predict another big hit but the GDP drop will not be so severe, not least because it has less far to fall
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It goes without saying that the lockdown restrictions due to come into force in England represent a serious setback for the economy. This, after all, is deja vu time, and back in the spring during lockdown 1 activity collapsed. Between February and April gross domestic product fell by a quarter.
So when a Whitehall insider says “it’s going to be bad” in response to a question about the likely impact of the lockdown, that’s a statement of the blindingly obvious. What’s at issue is just how bad.
