Piers Morgan warned Britons that the economic impact of the coronavirus could be more devastating than the 2008 financial crash. The Good Morning Britain host told viewers that the COVID-19 pandemic was on a “completely different level” to the global crisis more than a decade ago. Financial Times Economic Editor Chris Giles agreed as he revealed the likelihood of the country bouncing back quickly to the ITV show.
Mr Morgan said: “We thought the financial crash was bad 12 years ago, this is on a completely different level.
“From a financial point of view, this is Armageddon.”
Mr Giles added: “We haven’t seen anything like this in 100 years in the UK.
“The estimates are that we’ve lost about a third of the economy in March and April alone.”
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He continued: “We will get some of it back quickly once the lockdown is lifted.
“But to get that back in any sort of quick timescale is going to be difficult.”
The Office for Budget Responsibility (OBR) warned earlier that the coronavirus pandemic could see the UK economy shrink by a record 35 percent by June.
The well-informed guess predicts that two million people are likely to lose their jobs.
She continued: “At the same time, it expects Government spending to be £88billion higher than it had previously expected.
“Government spending will be 52 percent of gross domestic product. That’s the highest since 1945.
“It does make the point that once restrictions are lifted after three months, then there will be no lasting damage to growth.
“Also, they keep talking about how this is a scenario. In other words, this is something that could play out if a certain number of things happened in a certain way.
“It’s not a prediction of this is definitely going to happen.”