The UK’s recession is the worst of any major economy

08/12/2020 Business


This crash in GDP in the period April-June is the worst since quarterly registrations began in 1955 and follows a contraction of 2.2% in the first quarter. Industries most exposed to government looting measures to contain the coronavirus pandemic – services, manufacturing and construction – saw record falls.

“Today’s figures confirm that hard times are here,” UK Finance Minister Rishi Sunak said in a statement. “Hundreds of thousands of people have already lost their jobs, and unfortunately there will be many more in the coming months. But although difficult choices have to be made in the future, we will get this, and I can assure people that no one will be left without hope if chance. “

Compared to the end of 2019, UK economic output fell by a cumulative 22.1% in the first six months of 2020, a worse outcome than Germany, France and Italy, and doubled the fall of 10.6% recorded in the United States, the Office for National Statistics said. The British economy has cut 730,000 jobs since the coronavirus pandemic struck in March, with the young, the old and the self-employed facing the run-up to the unemployment crisis.

This is an evolving story and will be updated.

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