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AFP
July 15, 2020

UK economy slumps 20pc

Business

AFP
July 15, 2020

London: Britain´s coronavirus-ravaged economy slumped almost one-fifth during the country´s lockdown and remained set for its sharpest decline in annual output for 300 years, official data showed on Tuesday.

The Office for National Statistics (ONS) said gross domestic product plunged 19.1 percent in the three months to the end of May "as government restrictions on movement dramatically reduced economic activity".

The Office for Budget Responsibility, in charge of the government´s economic forecasts, said the "UK is on track to record the largest decline in annual GDP for 300 years", estimating that the economy could shrink by as much as 14.3 percent in 2020.