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UK Economy pitched into Huge Economic Recession


Syed Umarullah HussainiWeb Editor

29th Aug, 2020. 09:45 am
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The economy of the United Kingdom has plunged into a deep recession as it shrank 20.4 percent between April and June at the height of the coronavirus lockdown.

According to new figures released by National Statistics (ONS) data, It marks the first time in 11 years that the UK has tipped into a recession, which is defined by two consecutive three-month periods of falling GDP. The latest GDP figures released by the ONS showed that it fell by 20.4 percent between April to June, following a drop of 2.2 per cent between January to March.

 

UK Chancellor Rishi Sunak admitted that it indicated that the hard times had warned about are here and that many more jobs will be lost. “I’ve said before that hard times were ahead, and today’s figures confirm that hard times are here,” Sunak told in an interview.

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