The U.K. economy has officially fallen into recession after official figures showed it contracting by a record 20.4% in the second quarter as a result of lockdown measures put in place to counter the coronavirus pandemic.
Catch up on the developing stories making headlines.-related slump among the world's leading industrial economies after official figures on Wednesday showed it shrinking by a fifth in the second quarter alone.
Britain’s recession is deeper than those recorded by comparable economies in Europe, notably Germany, France and Italy, or that of the United States. The other Group of Seven economies, Japan and Canada, have yet to post second-quarter numbers but no economist thinks they will be as bad as the U.K.'s.
The U.K. has the highest official coronavirus-related death toll in Europe with 46,611 deaths. The actual death toll is believed to be higher as the official dataset only incorporates those who have tested positive for COVID-19. The British government hopes additional measures such as the reopening of pubs and restaurants and a return to offices will further fuel the recovery.
“I’ve said before that hard times were ahead, and today’s figures confirm that hard times are here," said Treasury chief Rishi Sunak. “Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will.”
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