BUSINESS LIVE: Largest economic fall in 41 years reported; Shell to write down assets by £18bn; FCA lifts Wirecard restrictions

Markets are expected to extend their rally today despite new concerns from the World Health Organisation that the Covid-19 pandemic is ‘not even close to being over.’ 

The UK economy contracted by more than first thought between January and March as the coronavirus crisis saw activity tumble 2.2 per cent in the joint largest fall since 1979, official figures have shown. 

Restrictions on German company Wirecard have been lifted by the Financial Conduct Authority (FCA) after thousands of Britons were left potentially unable to access their own cash.  

Oil supermajor Royal Dutch Shell has said it will write down the value of its assets by up to £18billion after lowering its long-term outlook on oil and gas prices. The firm also said it expected a 40 per cent fall in fuel sales in the second quarter.

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