Buzz Foreign

UK’s Economy Hit With Largest Recession Amid COVID-19 Crisis

Pinterest LinkedIn Tumblr
UK Prime Minister Boris Johnson has been blamed for the magnitude of the nation's recession
UK Prime Minister has been blamed for the magnitude of the nation’s

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.

ALSO SEE  #BBNaija: Reactions To Erica’s Disqualification From The Show

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.

UK residents
UK residents

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.”

ALSO SEE  Another Tanker Spillage At Ozumba, Lagos [VIDEO]

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.”

Sydney Elike
Follow me

Leave a comment