Britain's economy shrank by a record 5.8% in March as the coronavirus crisis escalated and the government shut down much of the country, according to official data that point towards an even bigger hit to come.
LONDON - Britain’s economy shrank by a record 5.8% in March as the coronavirus crisis escalated and the government shut down much of the country, according to official data that point towards an even bigger hit to come.
In the first three months of the year, GDP contracted by 2.0% from the last three months of 2019, the biggest drop since the depths of the financial crisis in late 2008, the Office for National Statistics said. A newspaper said on Tuesday that finance ministry officials have warned Sunak the budget deficit could swell to a record 337 billion pounds this year from just 55 billion pounds forecast in March.
Wednesday’s ONS figures showed household consumption fell by 1.8% in the first quarter, the most since 2008.
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