According to the Centre for Economics and Business Research (CEBR), the UK economy is about to enter the deepest recession since the 2008 credit crisis.

CEBR expects the economy to have contracted by 0.5% quarter-on-quarter in Q1, to be followed by the steepest decline in economic activity since comparable records began, contracting by 15%.

But if restrictions on business and consumer activity are lifted, Q3 should see slightly better forecasts although it expects the unemployment rate to jump to 7%, despite government measures to slow the rise and falling house prices and household consumption as wages are hit.