This is Uk’s first recession in 11 years. The UK economy is said to have suffered its biggest slump on record between April and June as coronavirus pandemic pushed the country officially into recession.
(ONS) The Office for National Statistics said gross domestic product (GDP), the broadest measure of economic prosperity, fell in the second quarter by 20.4% compared with the previous three months – the biggest quarterly decline since comparable records began in 1955.
This pushed the UK into its first technical recession – defined as two straight quarters of economic decline – since 2009.
According to the ONS, the collapse came about by the closure of hotels, shops, restaurants, schools e.t.c. The services sector and the hospitality sector was also hit so hard, while factory closures resulted in the slowest car production since 1954.
Confirming this is UK’s Chancellor, Rishi Sunak:
He said:
“Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will.
“But while there are difficult choices to be made ahead, we will get through this, and I can assure people that nobody will be left without hope or opportunity.”
