Covid-19 and Brexit: Real-time updates on business performance in the United Kingdom
Nearly four months have passed since the UK went into lockdown to restrict the spread of Covid-19. The health effects have been severe, and an inevitable consequence of the lockdown was a huge 20 per cent decline in GDP in April – the worst recession in more than three centuries. Government spending on economic policies has also been unprecedentedly large, with £193 billion of additional spending committed. Alongside dealing with the largest economic downturn in recent history, the UK is also negotiating its exit from the European Union – its largest trading partner. It has turned down an extension to the transition period and will leave the EU at the end of 2020. Brexit will have a profound impact on the UK economy.
29 July 2020 Paper Number CEPCOVID-19-006