The 20.4% contraction in British GDP in the second quarter was the deepest on record
opened the year with a video message promising an “exhilarating decade of growth, prosperity and opportunity”, his supporters were quick to predict a new “roaring 20s”. They were not so wide of the mark. This year has opened with Britain’s deepest recession since the post-first-world-war crash of 1919 and 1920.
A later lockdown than in many other rich countries led to better numbers in the first quarter of 2020, but the 20.4%contraction in the second quarter was the deepest on record. Over the first half of the year as a wholeshrank by 22.1%. The length of the lockdown—restaurants and pubs reopened in July, later than in most of the rest of Europe—was the primary cause. School closures made life especially difficult for households in which both parents work, and Britain has a lot of those.
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