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.
Jim Pickard and Alex Barker, FT Westminster correspondents, share the latest news and gossip from the UK's political scene.
Alex Barker has been an FT political correspondent since July 2007. He joined the paper in 2005, after working in current affairs television.
Jim Pickard joined the FT's lobby team in January 2008, having been a regional correspondent, assistant UK news editor and property correspondent.
FT.com - UK Politics & Policy news
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