LONDON - Britain's economy shrank by a record 20.4 per cent in the second quarter compared with the first three months of the year, when the coronavirus lockdown was tightest, the largest contraction reported by any major economy so far, official figures showed on Wednesday .
There were signs of a recovery in the month of June alone, when gross domestic product grew by 8.7 per cent from May, the Office for National Statistics said."The recession brought on by the coronavirus pandemic has led to the biggest fall in quarterly GDP on record," Mr Jonathan Athow of the Office for National Statistics said.
Last week, the Bank of England forecast it would take until the final quarter of 2021 for the economy to regain its previous size, and warned unemployment was likely to rise sharply. "Today's figures confirm that hard times are here," finance minister Rishi Sunak said."Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will."
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