: Britain will on Wednesday officially enter recession, with data set to show a collapse of around 20 percent of gross domestic product in the second quarter the worst contraction in Europe.
The UK economy contracted by 2.2 percent in the first quarter and, with a recession defined as two successive quarters of decline, the data on Wednesday will herald the country’s first in a decade. Meanwhile, the Bank of England has launched massive asset buybacks and cut interest rates to historic lows that are almost zero.
The British economy also relies more heavily on the hard-hit services sector than other European countries.The recession is already wreaking havoc, with ONS data released Monday showing that around 730,000 workers have been removed from the payrolls of British companies since March. “Whatever the numbers are, and they won’t be pretty, the more important question is how quickly the UK economy can bounce back,“ said Michael Hewson, analyst at CMC Markets.Finance Minister Rishi Sunak has appeared cautious about the pace of the recovery, telling Sky News last week “there is hardship ahead for many people” while noting there was “hope”.
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