Britain’s independent fiscal watchdog has released a report.
The UK's economy is on track for its biggest annual slump for 300 years, according to a report from The Office for Budget Responsibility, Britain’s independent fiscal watchdog.
The OBR says the decline in GDP will lead to an unprecedented peacetime rise in borrowing this year.
Their report follows the release of official figures which show the UK economy was a quarter smaller in May than in February.
The report outlines three scenarios for the future -- and all three show the worst recession in 300 years, and a massive spike in borrowing, reports The Guardian.
In its ‘central scenario’, the OBR predicts public sector net borrowing will hit £322bn or 16 per cent of GDP, in the current financial year -- the highest peacetime level in at least 300 years.
