LONDON (REUTERS) - Britain's economy shrank by the most since 1979 in early 2020 as households slashed their spending, according to official data that included the first few days of the coronavirus lockdown.. Read more at straitstimes.com.
LONDON - Britain's economy shrank by the most since 1979 in early 2020 as households slashed their spending, according to official data that included the first few days of the coronavirus lockdown.
Britain's economy may have contracted by 20 per cent in the first half of 2020, the Bank of England said earlier this month as the full effects of the lockdown hammered most sectors in the April-June period. The BoE has said the slump in the economy this year could be the worst in three centuries. "The lockdown of most businesses on March 23 meant that households were unable to spend even if they wanted to," said Thomas Pugh, UK economist at Capital Economics, adding that it will take the economy until 2022 to regain its pre-crisis level.
The ONS has previously estimated that Britain's economy shrank by a record 20.4 per cent in April from March but there have been some signs of recovery more recently.
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