The Government has laid waste to the world’s fifth-biggest economy on the basis of dubious projections from risk-averse academics whose jobs are secure no matter what.
…For the truth is that the Government has stared like a wild-eyed fanatic at a single disease with a fatality rate of 0.6 per cent and an average age at death of 82 years, and cast all other considerations to the wind.
The Office for Budget Responsibility (OBR) now predicts GDP falling by between 10.6 per cent and 12 per cent in 2020, the equivalent of the Great Recession of 2008-09 occurring twice in one year. Meanwhile, the OBR expects unemployment to peak next year at between 5.1 per cent and 11 per cent, an estimate so broad as to be meaningless.
…The OBR expects the national debt to hit £2.7trillion within four years and that is probably optimistic given that the Prime Minister is on a permanent spending spree, recently pledging an extra £16.5billion for the military, up to £100billion on the Operation Moonshot mass testing programme and untold billions on achieving net zero carbon emissions.
“Lockdown is having a significant impact on our economy and we are likely to face a severe recession, the likes of which we haven’t seen”