Coronavirus will have "significant impact" on economy

Chancellor Rishi Sunak has told reporters that Covid-19 will cause "hardship ahead".

Mr Sunak was responding to a report from the Office for Budget Responsibility (OBR) that warned the coronavirus pandemic could see the UK economy shrink by a record 35% by June.

The OBR said that its figures were based on an assumption that the current lockdown would last for three months.

Mr Sunak said it was important to be "honest" that the government wouldn't be able "to protect every job or every business", but that he is speaking to banks "every single day" to ensure that those who needed small business loans were able to get them from lenders.