Britain is heading for a summer of economic misery, with Chancellor Rishi Sunak warning many businesses could collapse due to the coronavirus crisis.
Unemployment may hit 3.4 million – the highest since the dark days of Margaret Thatcher – and government borrowing faces a £218billion hike, the Office for Budget Responsibility said.
And with the UK’s Covid-19 death toll rising by 778 to 12,107, ministers are tomorrow expected to extend the lockdown by three weeks.
That will leave many struggling businesses fearing for their survival, with the economy possibly shrinking by a third. And only 2% of firms affected have accessed the government loans scheme.