The closely watched British Chambers of Commerce (BCC) quarterly survey will this week show the biggest drop in economic activity since the report was first published 31 years ago.
The survey will show that sales in manufacturing and services fell to record lows in the second quarter of the year, underlining the severe impact of the Covid-19 crisis.
First published in 1989, the BCC’s report surveys 7,500 private-sector businesses. This week’s update will show that any signs of recovery are some way off, with forward-looking economic indicators such as orders, recruitment, business confidence and investment intentions also declining to historic lows.
The bleak outlook shows the scale of the challenge facing businesses after three months of lockdown.
The economy contracted by 20.4% in April —