UK economy faces long climb back to health after historic 20% crash

Britain’s economy shrank by a record a 20.4% in the second quarter - the largest contraction reported by any major economy so far

LONDON - Britain’s economy shrank by a record 20.4% in the second quarter when the coronavirus lockdown was tightest, the most severe contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020.

The data confirmed that the world’s sixth-biggest economy had entered a recession, with the low point coming in April when output was more than 25% below its pre-pandemic level. The second-quarter GDP slump exceeded the 12.1% drop in the euro zone and the 9.5% fall in the United States. Sunak - who told the BBC he saw some “promising signs” in GDP data for the month of June - reiterated his opposition to extending the programme.

Britain closed restaurants, shops and other public spaces after many other European countries, meaning more of the hit was felt in the second quarter.

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