UK officially in recession for first time in 11 years
The UK economy suffered its biggest slump on record between April and June as coronavirus lockdown measures pushed the country officially into recession.
The economy shrank 20.4% compared with the first three months of the year.
Household spending plunged as shops were ordered to close, while factory and construction output also fell.
This pushed the UK into its first technical recession – defined as two consecutive quarters of economic decline – since 2009.
Chancellor Rishi Sunak told this medium that the government was “grappling with something that is unprecedented” and that it was “a very difficult and uncertain time”.
But shadow chancellor Anneliese Dodds blamed Prime Minister Boris Johnson for the scale of the economic decline, saying: “A downturn was inevitable after lockdown – but Johnson’s jobs crisis wasn’t.”
Is there any sign of things getting better?
The Office for National Statistics (ONS said the economy bounced back in June as government restrictions on movement started to ease.
On a month-on-month basis, the economy grew by 8.7% in June, after growth of 1.8% in May.
But Jonathan Athow, deputy national statistician for economic statistics, said: “Despite this, gross domestic product (GDP in June still remains a sixth below its level in February, before the virus struck.”
source: this medium