Responding to Bank of England forecasts which show the UK economy could shrink by 14% this year, Acting Leader of the Liberal Democrats Ed Davey said:
“This is a critical time for our economy. The number one economic priority is avoiding mass redundancies by extending the furlough scheme. Businesses must have the time and space to recover. Jobs and business support schemes cannot be removed too early or completely.
“Without Government action, jobs could be lost on a massive scale and the economy could spiral.
“The Government must also take immediate steps to extend the Brexit transition period. Uncertainty over our relationship with our closest trading partner will hurt the economy even more. Risking the UK leaving transition with no deal is unbelievably irresponsible.
“We must above all keep people safe from the Coronavirus and the lockdown should continue as long as the science shows it needs to.
“But the Government must also do more to keep businesses afloat through these turbulent times.”