Bloomberg reported on the huge slump in the UK economy which is the biggest fall in a single quarter since such data began being recorded in 1955.
Aug.12 — The U.K. economy slumped 20.4% slump in the second quarter, the biggest since records began in 1955, as Britain suffered more than any major European nation amid the coronavirus pandemic. Pierre Ortlieb, senior economist at the Official Monetary and Financial Institutions Forum (OMFIF), discusses the data and the outlook for unemployment on “Bloomberg Markets: European Open.”Bloomberg YouTube Channel
Britain’s economy has been severely hamstrung by the novel coronavirus, which saw the UK Government initially attempt to respond with a “business as usual” approach, which many experts believe directly caused more severe restrictions than would have been necessary. The severe recession which has since followed, stems from a prolonged lockdown and restrictions on in-person transactions, such as hospitality and entertainment, many of which remain in place.
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UK is the abbreviated form of the United Kingdom of Great Britain.