Flash UK Composite PMI fell to 12.9 in April, well below the 50-point mark that indicates economic expansion, below even the most pessimistic forecasts
LONDON - The United Kingdom’s economy is crumbling under the strain of the coronavirus lockdown and government borrowing is soaring to the highest levels in peacetime history, increasing pressure on the government to set out an exit strategy.
Ministers have been struggling to explain high death rates, limited testing and shortages of protective kit, and the reality of the damage to the world’s fifth largest economy hit home on Thursday. The country’s debt mountain exceeds $2.5 trillion and its public sector net borrowing could reach 14% of gross domestic product this year, the biggest single year deficit since World War Two.
“The UK is lagging behind almost any medium to large economy globally when it comes to coronavirus tests,” Deutsche Bank’s Oliver Harvey said in a note to clients. Previously, only healthcare employees and those working in nursing homes have been able to get tests.
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