56.19 F
September 28, 2022
Image default

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

Walmart profit woes hit retail stocks, deepen consumer spending concerns


7 Proven Tips To Buying a Business Post-Pandemic


Pandemic darlings face the boot as investors eye return to normal life


U.S. labor market stays tight as workers remain scarce; manufacturing regains speed


Bitcoin futures launch sparks excitement, warnings


Starbucks union drive spurred by barista burnout from mobile orders


Leave a Reply

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

%d bloggers like this: