February 22, 2025
Image default
Business

UK suffers record recession on virus fallout

London (AFP) – Britain’s economy shrank by one fifth in the second quarter, more than any European neighbour, as the country’s  coronavirus lockdown slammed businesses and plunged the country into its deepest recession on record, official data showed Wednesday.  “It is clear that the UK is in the largest recession on record,” the Office for National Statistics said after gross domestic product contracted by 20.4 percent in the period from April to June.A recession is defined as two consecutive quarterly contractions and the British economy already shrank by 2.2 percent in the first three month…

Read More

Related posts

U.S. stocks bounce, investors digest news of 2022 rate hikes

The_Proponent

U.S. job growth misses expectations in November; unemployment rate dives to 4.2%

The_Proponent

Zoom is giving users unlimited time for their end-of-year video calls

The_Proponent

Pfizer says its COVID-19 vaccine is over 90 percent effective

The_Proponent

Wall Street ends down; investors eye Omicron and Fed meeting

The_Proponent

Facebook will shut down facial recognition system

The_Proponent

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.