UK Economy Suffers Worst Quarterly Slump Since 1979
A sign painted on the ground reminds people to practice social distancing as a precaution against the spread of COVID-19 in the centre of Leicester, central England, on June 29, 2020. – The central English city of Leicester could be the country’s first to face a local lockdown due to a rise in coronavirus cases, the UK’s Home Secretary Priti Patel said on June 28. Ben STANSALL / AFP.
The initial figure given by the ONS showed a GDP contraction of 2.0 percent in the first quarter, or worst reading since the global financial crisis in 2008. This has been helped further by the government paying the bulk of private-sector workers’ wages during the pandemic to keep them in jobs. “It is evident that the UK economy witnessed a record GDP contraction in the second quarter,” said Howard Archer, economist at EY, which is forecasting a 17-percent slump before a 10-percent rebound in the third quarter.
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