Worst recession in 300 years?

The COVID Diaries – 76 12th June

According to the Office for National Statistics, Britain’s economy shrank by a record 20.4% in April as the first full month of the coronavirus lockdown set the country on course for the worst recession in more than three centuries.

The economy shrank by a record 20.4% in April, the first full month of the coronavirus lockdown.

The collapse of growth in the economy in April, compared with the previous month, was the biggest since monthly records began in 1997, and was more than triple the previous record fall of 5.8% in March – when the lockdown was first announced.

The Bank of England has estimated that Gross Domestic Product (GDP) could contract by 25% in the second quarter and unemployment more than double.

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