The UK economy is officially in recession for the first time since the financial crisis ten years ago.
The economy plunged by 20.4% in the second quarter of 2020, compared to the first quarter as a result of coronavirus-induced lockdowns.
There was some pick in June as the economy emerged from lockdown. GDP picked up by 8.7% in that month. Now, all parts of the country’s economy are hit, including the services sector which dropped by 20%.
The Office of National Statistics said: “This is the largest quarterly contraction in the UK economy since ONS quarterly records began in 1955, and reflects the ongoing public health restrictions and forms of voluntary social distancing that have been put in place in response to the coronavirus pandemic.
“In level terms, real GDP was last lower in Quarter 2 2003. Compared with the same quarter a year ago, the UK economy fell by 21.7%.”
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