Britain Ireland France Russia Sweden covid-19 business Coronavirus Britain Ireland France Russia Sweden

Chill wind of pandemic ravaging economies everywhere

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The Great Frost of 1709 saw temperatures across Europe plummet. In France, it is estimated that 600,000 people died of starvation.

In what became known as the Great Northern War, 2,000 Swedish troops perished from exposure while their hardier Russian foes huddled in their camps.

I present these historical titbits as the Governor of the Bank of England declared this week that the UK economy will suffer its worst recession in 300 years as a result of Covid-19.

So you can forget your Great Depression comparisons. We are in the thick of it now. More and more indicators are spelling out the scale of economic damage - both here and abroad - being wreaked by Covid-19 and the containment measures taken to tackle it.

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