Economic crisis: UK officially goes in recession amid coronavirus lockdown
London: The UK economy has suffered its most astronomically immense downturn on record between April and June due to coronavirus lockdown measures forced the country to go into recession officially.
The economy reduced to 20.4% as compared to the first 3 months of this year.
The spending of households plunged because shops were inductively authorized to close. On the other hand, output of factory and construction additionally fell. All this happenings pushed the UK into its first technical recession which is defined as two continuous quarters of economic decline after 2009.
Chancellor Rishi Sunak told BBC that the regime was “grappling with something that is unprecedented” and also added that it is “a very arduous and skeptical time”.
But shadow chancellor Anneliese Dodds incriminated Prime Minister Boris Johnson for the recession by verbally expressing: “A downturn was inevitable after lockdown but Johnson’s jobs crisis wasn’t.”
The Office for National Statistics (ONS) said the economy rose up in June as the government restrictions were limited on movements.
On a month-on-month basis, the economy rose by 8.7% in June. Before this, growth of 1.8% in May.
Deputy national statistician for economic statistics, Jonathan Athow said: “Despite this, gross domestic product (GDP) in June still remains a sixth below its level in February, before the virus struck.”