Britain's economy shrank two per cent in the first three months of the year, rocked by the fallout from the coronavirus pandemic, official data ...
Economic output dived by a record 5.8 per cent in March from the previous month, the ONS noted in especially grim news which sent the London stock market down more than one percent in early deals.
"With the arrival of the pandemic, nearly every aspect of the economy was hit in March, dragging growth to a record monthly fall," said Jonathan Athow, deputy national statistician for economic statistics at the ONS. As the nation's COVID-19 crisis deepened, finance minister Rishi Sunak has unveiled a series of massive packages to help those affected.
The government says 7.5 million jobs have already been supported by the plan, which ensures employees can receive 80 per cent of their pay up to £2,500 a month.
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