Britain’s economy slumped by 20.4% in April from the previous month as the coronavirus lockdown paralysed the country.
Official figures for gross domestic product (GDP) from the Office for National Statistics showed the impact of measures that forced businesses across the UK to close and millions of workers to be put on furlough. April was a particularly tough month for employees and companies, with vast swathes of the UK economy unable to operate, although some measures are now being eased.
This week the OECD said the UK economy would shrink by more than any other developed nation as businesses struggled to recover from the pandemic. It predicted that GDP, which is is a measure of national income, would contract by 11.5% in 2020 or 14% if the virus returned and forced the government into a second lockdown.
More details to follow …