UK economy slumps 20% in second quarter, the largest contraction reported by any major economy so far. Official figures also showed Britain's economy fell into recession via BillReuters david_milliken
LONDON - Britain’s economy shrank by a record 20.4% between April and June when the coronavirus lockdown was tightest, the largest contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020.
There were signs of a recovery in the month of June when output grew by 8.7% from May, the Office for National Statistics said, just above economists’ average expectation in a Reuters poll for an 8% rise. Britain has suffered Europe’s highest death toll, with more than 50,000 deaths linked to the disease between March 1 and June 30, according to the ONS.
Last week the Bank of England forecast it would take until the final quarter of 2021 for the economy to regain its previous size, and warned unemployment was likely to rise sharply. The level of output in June was 16.8% below its level a year earlier, compared with a 23.3% fall for May. Britain went into lockdown in late March, after other European countries, meaning more of the hit was reported in the second quarter than in the first three months of the year when Britain’s economy shrank by less than the euro zone’s.
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