The BBC is reporting that there has been , “a ‘very tense’ meeting of senior backbench Conservative MPs,” that, “has heard concerns that the coronavirus lockdown could devastate the economy.”
- Members of the executive of the backbench 1922 committee voiced fears that unless the lockdown is eased within the next few weeks, the UK may no longer have much of a functioning economy.
- A small number of members of the 1922 executive met in Westminster on Wednesday afternoon, with other dialling in.
- Some members believe the lockdown needs to be relaxed after the first week of May.
- “If we don’t do that we really will see thousands of businesses go under,” one 1922 member told BBC Newsnight.
- As a first step, gardening centres and DIY stores should open immediately. they suggested.
- One 1922 member told BBC Newsnight: “Social distancing and hygiene measures were the key.
- The 1922 executive heard that the government has achieved its main goal – the NHS has not been overwhelmed.
- But that should not mean no change to the lockdown. There will continue to be infections, and the UK will have to learn to live with this virus for two or maybe three years, the meeting heard.
GBP/USD Forecast: Pressure persist despite an intraday recovery
Recent data showed that the March Consumer Price Index data was in line with consensus, with core CPI slipping to 1.6% YoY, and headline CPI to 1.5% YoY, although markets are not particularly trading that news currently. Wha is more of concern is stimulus measures and the pace for which business can get back to work.