Britain could face the worst recession in 300 years if the coronavirus lockdown lasts until the summer, the budget watchdog has warned.
The Chancellor warned of "tough times to come" for Brits amid fears more than two million people could lose their jobs and the economy may fall off a cliff edge because of the coronavirus lockdown.
The Office for Budget Responsibility (OBR) said unemployment could hit 3.4 million - up from 1.3 million - leaving around one in 10 of the working population without a job, while the economy may shrink by 35% between April and June.
Elsewhere, the International Monetary Fund [IMF] projected that the global economy would suffer its worst year since the Great Depression in the 1930s, shrinking by an estimated 3%.