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September 28, 2022
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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…

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