The British economy has crumbled down due to the coronavirus pandemic. There is a recession of about 20.4% into the economy according to the National Statistics of the UK.
This recession is taken place due to the on going pandemic situation. It was on March 23 that the U.K. joined other countries in Europe in locking down its economy.
The British economy is in recession commonly defined as two quarters of contraction. UK’s recession is deeper than those recorded by comparable economies in Europe, notably Germany and France, or the United States. The slump recorded by the Office for National Statistics follows a 2.2% quarterly contraction in the first three months of the year.
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“The economy began to bounce back in June with shops reopening, factories beginning to ramp up production and house-building continuing to recover,” said statistician Jonathan Athow.
Despite this, he said the economy remains a sixth below its level in February, before the virus started to impact.
The British government hopes that the further easing of the economy over recent months. As it is reopening the hospitality sector in July, will allow the economy to claw back further ground.