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UK economy shrinks by record 20.4% in second quarter

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Over the first six months of 2020, British GDP fell by 22.1%, slightly less than Spain’s 22.7% but more than double the 10.6% fall in the US

Britain's Prime Minister Boris Johnson finance minister Rishi Sunak. Picture: AFP/JESSICA TAYLOR

“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.” Last week, the Bank of England forecast it would take until the final quarter of 2021 for the economy to get to its previous size, and warned that unemployment is likely to rise sharply.

Britain’s unemployment rate is expected to jump when the government ends its huge job subsidy programme in October. However, the Office for National Statistics said that over the first six months of 2020, British GDP fell by 22.1%, slightly less than Spain’s 22.7% but more than double the 10.6% fall in US.

 

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