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UK Tumbles Into Deepest Recession of Any Major Economy

Wibbitz
UK Tumbles Into Deepest Recession of Any Major Economy . Numbers released on Wednesday revealed a 20.4 percent drop in economic output for the country in 2020's second quarter. In the first six months of 2020, the U.K.'s combined economic output fell by 22.1 percent. This number more than doubles the record fall in the U.S. Today's figures confirm that hard times are here. Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will. , Rishi Sunak, U.K. Finance Minister, via CNN. It is the worst quarterly crash since 1955, when record keeping began. Nearly 730,000 jobs have disappeared in the U.K. The larger contraction primarily reflects how lockdown measures have been in place for a larger part of this period in the UK, U.K. Office for National Statistics, via CNN. The coronavirus lockdown in Britain began later than E.U. countries experiencing similar outbreak numbers. Because of this, control of the virus has been significantly more difficult and drawn out