- COVID-19 has led the United Kingdom into the deepest recession of any major global economy
- The U.K.’s economy shrunk by 20.4 per cent from April to June — the worst quarterly drop since records began in 1955
- The low came when coronavirus lockdowns were tightest, with the U.K. suffering the highest COVID-19 death toll in Europe
- But Finance Minister, Rishi Sunak, has warned that the hard times are here to stay and more people will be left without a job
COVID-19 has led the United Kingdom into the deepest recession of any major global economy.
Figures have shown the worlds sixth-biggest economy has shrunk by 20.4 per cent in the second quarter of 2020 — the worst quarterly drop since records began in 1955.
The low came when the coronavirus lockdowns were tightest. The U.K. has suffered the highest COVID-19 death toll in Europe, with more than 50,000 deaths attributed to the virus.
There is a glimpse of hope, as June gross domestic product grew 8.7 per cent from May. This was just above expectations of an eight per cent jump.
“I’ve said before that hard times were ahead and today’s figures confirm that hard times are here,” Finance Minister Rishi Sunak said.
Rishi has also warned the unemployment stat are set to rise.
“Hundreds of thousands of people have already lost their jobs, and sadly in the coming months, many more will,” he added.
Britain enforced its strict lockdown measures two weeks after Italy, 10 days after Spain and one week after France, despite its increase in COVID-19 cases. This meant it took longer for the virus to come under control.
Despite all of this, Rishi remains positive.
“But while there are difficult choices to be made ahead, we will get through this, and I can assure people that nobody will be left without hope or opportunity,” he concluded.