Indices tracking business activity in the UK and Europe have signalled a historic slump in productivity as governments enforce emergency measures to slow the spread of coronavirus.

Data published today, compiled by IHS Markit between 12-20 March, show the UK has already suffered “a more severe blow” than at any other time in the last 20 years. That is despite the fact that the government’s most drastic measures — including last night’s three-week lockdown — came after the period covered.