Britain heads for sharpest economic slump of major economies in Covid-19 storm         

Moody forecasts a 10% contraction in the UK's GDP for this year. 

Chancellor of the Exchequer Rishi Sunak

Britain will suffer the sharpest peak-to-trough economic slump of any major economy this year, rating agency Moody’s has warned, and ramp up national debt as a share of GDP by nearly a quarter.

Moody’s said the UK government’s latest £30bn (€33.5bn) stimulus package, announced this week, would aid a gradual economic recovery but add further pressure to the UK’s fiscal position.