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The collapse in Britain’s economic output in the second quarter of 2020 is a number for the history books. The economy shrank by a fifth due to lockdown measures aimed at containing the coronavirus pandemic. The fall easily outpaced the previous post-1955 record of a 2.7 per cent drop in 1974 when commercial use of electricity was limited to three days a week in the aftermath of the oil crisis. In the three months to June this year, Britain had the steepest drop in output of any European country.

Partly that reflects timing issues. The UK went into official lockdown on March 23, a week or more later than most western European counterparts, and began its phased reopening only in June, several weeks later than they did. That led to a steeper overall drop in output, which was more concentrated in the second quarter. Britain’s service-based economy meant a bigger