By Paul Homewood
Steven Pollard writes in UnHerd:
It’s chilling enough hearing the medical forecasts for the impact of coronavirus. But the economic forecasts are almost as worrying.
Many businesses have already sent most of their staff home. At some point it seems likely that almost everyone bar essential workers such as healthcare providers will be ordered to work from home. The impact on the economy will be cataclysmic. One forecast, by the respected Centre for Economics and Business Research, suggests that London’s output would fall by £495 million a day for as long as such a state of affairs continued.
Should it last even a week, the CEBR calculates that the London economy would lose £2.4 billion in output. Since the capital is responsible for approximately 20% of the UK’s GDP, this would mean the British economy shrinking by 6% during any lockdown. No wonder: manufacturing, for example, would…
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