Pound Falls as the UK Economy Crashes

british economy contraction breaks records 2020

The British economy has contracted this year ten times more than at the height of the financial crisis in 2008 according to the latest data by the Office for National Statistics (ONS). From January to March, the economy fell by 2.2%. In all of 2008, it has not fallen by more than that, the ONS says. Up to April however it fell by 10.8%, and despite a slight growth of 1.8% in May, the economy was 24.5% smaller in that month than in February 2020. That means about half a trillion has been wiped out of the British economy so far, with the Office for Budget Responsibility sounding the alarm bell. They say: “The UK is on track to record the largest decline in annual GDP for 300 years, with output falling by more than 10 per cent in 2020 in all three scenarios. This delivers an unprecedented peacetime rise…

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