New reports have revealed that the COVID-19 measures put in place in the United Kingdom have officially pushed its economy into recession.
This marks the nation’s first recession in 11 years and the economy shrank 20.4% compared to the first three months of the year.
The news was confirmed by the Office for National Statistics (ONS), stating the U.K.’s nosedive back into recession and adding its fears of worse to come.
The ONS stated that the size of the plunge in the economy makes it the largest recession since records began, and this comes following the disclosure that almost one million jobs had already been lost during the nation’s COVID-19 lockdown.
Household spending plunged as shops were ordered to close, while factory and construction output also fell.
Chancellor Rishi Sunak who spoke with the BBC said that the government was “grappling with something that is unprecedented” and that it was “a very difficult and uncertain time.”
Shadow Chancellor Annelise Dodds blamed Prime Minister Boris Johnson for the magnitude of the economic decline, saying, “A downturn was inevitable after lockdown – but Johnson’s jobs crisis wasn’t.”
- Obadiah Mailaifa’s Application To Stop Police From Investigating Him Dismissed By Plateau Court - September 29, 2020
- Middle-Aged Man Killed By Stray Bullets During Custom Officials’ Chase Of Smugglers In Ogun State - September 29, 2020
- Mike Ezuruonye Faults Kunle Afolayan’s Apology, Says It Shows Pride - September 29, 2020