Britain’s economy shrank by a fifth in the last quarter, much worse than the US or the eurozone
- Newsflash: UK economy shrank 20.4% in Q2
- Worst slump on record…and worse than other countries
- But GDP did rise over 8% in June
- Introduction: It’s UK GDP day
- Full story: Worst slump since records began
The UK chancellor, Rishi Sunak, has warned that the UK faces ‘difficult choices’ after plunging so deeply into recession:
“I’ve said before that hard times were ahead, and today’s figures confirm that hard times are here. 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.”
Here’s Jonathan Athow, deputy national statistician at the ONS, on Britain’s slide into recession:
“The recession brought on by the coronavirus pandemic has led to the biggest fall in quarterly GDP on record.
“The economy began to bounce back in June, with shops reopening, factories beginning to ramp up production and house-building continuing to recover.
Continue reading… Source: The Guardian: UK falls into recession as GDP tumbles 20.4% in April-June – business live ———