Chancellor Rishi Sunak warns UK facing 'severe recession, the likes of which we haven't seen'

The country is facing "a severe recession, the likes of which we haven't seen", Chancellor Rishi Sunak has warned.

He told the Lords economic affairs committee that the "jury is out" on the "degree of long-term scarring", caused by the Government's response to the coronavirus outbreak.

"Lockdown is having a significant impact on our economy and we are likely to face a severe recession, the likes of which we haven't seen," he told peers.

"We are clearly dealing with something unprecedented so economic forecasting is not as precise as it might normally be." It was "self evident" that it would be affected by the length of the lockdown, he added.

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