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This is at odds not only with the OBR analysis but also with the Bank, Newport 100s Box  which has said it expects a "V-shaped" recovery. Last week, the governor, Andrew Bailey, said the economy would exit the unprecedented slump "much more rapidly than the pull back from the global financial crisis" of 2009.

The expected budget deficit for 2020-21 was 55 billion in March, according to the OBR.Newport Pleasure  In April, it predicted this to rise to 273 billion, falling to 76 billion the following year. Meanwhile, a "worst-case" scenario would see the current budget deficit spiral to 516 billion, the Treasury has estimated.

Officials' modelling to the Chancellor has set out a scenario with a slow, "L-shaped" recovery which would leave the UK saddled with a deficit until 2025.

The 516 billion will be equivalent to a third of GDP under this worst-case scenario, according to the Treasury, which says a slow recovery will leave GDP "markedly lower" than had been forecast before the crisis.

The economy would then remain flat for the remainder of the current Parliament. By Newport box 100s menthol cigarettes  2025 the current budget deficit would still be 178 billion, or 8.7 per cent of GDP.

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