This article is a must-read.
The Bank of England inflation report predicts that GDP will by the second quarter be down by 4 per cent on the same time last year. The “lower end” of its expectations is a drop of 6 per cent.
This is far, far worse than anything envisaged as recently as the pre-budget report. Along with the Crosby resignation it adds up to a seriously bad day for the government.
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Jim Pickard joined the lobby team in January 2008. He has been at the Financial Times since 1999 as a regional correspondent, assistant UK news editor and property correspondent.
Kiran Stacey is an FT political correspondent, having joined the lobby in 2011. He started at the FT as a graduate trainee in 2008, working on desks including UK companies and US equity markets before taking over the FT's Energy Source blog.
Elizabeth Rigby, the FT's chief political correspondent, joined the lobby team in September 2010. Elizabeth has worked at the FT for more than a decade and was most recently its consumer industries editor.
Helen Warrell is the FT's UK reporter, covering home affairs, crime and policing. She joined the FT in 2008 and has spent time as a reporter in the Brussels bureau and more recently, editing the paper's Asia coverage on the world news desk.
