Business
Coronavirus leads UK into worst contraction globally as economy shrinks by over 20 per cent in second quarter – ABC News
The devastation wreaked on Britain’s economy by coronavirus hits home with the biggest quarterly drop ever recorded as the economy shrinks by over 20 per cent and the Finance Minister warns of many more job losses later in the year.
Britain has suffered the deepest recession among the worlds top economies this year, shrinking by a fifth in the second quarter alone when much of the economy was on hold as part of efforts to contain the coronavirus pandemic.
Key points:
- The UK’s economy shrunk by a record 20.04 per cent in the April to June period
- It is the biggest hit in the second quarter of the world’s major economies
- The UK’s unemployment rate is also expected to rise in October
The 20….
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