Daily Express reports that a former Bank of England rate-setter has issued a stark warning of the catastrophic, long-lasting effects the coronavirus crisis will have in the UK's economy.

According to to expert, the nation's recovery from the pandemic will be slower and shallower than initially anticipated. He warned that Britons will be paying off the debt from the rescue packages for the next two decades.

Ian McCafferty - who sat on the Bank's Monetary Policy Committee (MPC) for six years until August 2018 - said if the lockdown is eased gradually in different stages as expected, the economy could take at least six months to recover.

He added that the improvement will be less abrupt than the sudden recession. It would mean previous expectations of a 'V' shaped sharp bounce back in growth, or even a 'U' shape, may be too optimistic.

Mr McCafferty said the measures taken by the Bank and Government were "exactly what's needed" to lift up the economy, but said there will be "fiscal consequences".

Mr McCafferty said that family economies and businesses will face tax increases and austerity to reduce Britain's expanding public deficit once the emergency is over.

He said: "We will have to pay for the fiscal action that's been required - over the next 10 to 20 years, fiscal policy will have to adapt,