The UK economy suffered a record collapse in the second quarter, with gross domestic product plunging 19.8% between April and June, according to the Office for National Statistics (ONS).
The figures confirm that the UK has now entered the biggest recession on record after GDP fell for two consecutive quarters. The fall is slightly less than the initial estimate of a 20.4% but still more than any other country in the EU. Bailey warns UK economy could be hit harder than first expected Overall GDP is now 21.8% smaller than at the end of 2019, highlighting the impact of coronavirus lockdown measures on economic activity. The ONS said: "While it is still true that these early estimates are prone to revision, we prefer to focus on the magnitude of the contraction that...
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