UK economy plunges into largest recession on record
London, 12th August: The UK economy is officially in the largest recession on record during the coronavirus pandemic.
According to the official figures the economy of the United Kingdom has plunged into the largest recession on record since the pandemic crisis.
The UK has been tipped into the "largest recession on record", according to official figures charting the impact of the #coronavirus crisis on the economy https://t.co/idFomUrpw6
— Sky News (@SkyNews) August 12, 2020
The Office for National Statistics (ONS) reported that the enforced hibernation of activity through the COVID-19 lockdown meant gross domestic product (GDP) slumped by 20.4% in the second quarter of the year following a dip of 2.2% during the first three months of 2020.
Monthly figures showed the economy bounced back by 8.7% in June, following upwardly revised growth of 2.4% in May, as lockdown restrictions eased.
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The ONS said the economy is still a long way off from recovering the record falls seen in March and April after tumbling into the biggest recession on record.
The figures today show that hard times in the UK are here, hundreds of thousands of people have already lost their job, and sadly many more will.
Official data showed this week that around 730,000 UK workers have been removed from the payrolls of British companies since March when the coronavirus lockdown began.
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As per reports from the international media, the number of hours worked each week plunged by a fifth and 7.5 million people were temporarily absent from work in July.
The Bank of England forecast last week that the economy will shrink by 9.5 percent in 2020 after a rebound in the second half of the year as restrictions ease and activity gears up again.
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Jonathan Athow, a deputy national statistician at the ONS, said: “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. Despite this, GDP in June still remains a sixth below its level in February, before the virus struck.”
An immediate bold action to inject confidence back into the UK economy is needed which should include supporting businesses to retain staff through a cut in employer national insurance contributions and targeted support to help businesses placed under local lockdowns.
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