Rolling coverage of the latest economic and financial news, as the UK officially falls into recession
In better news, the UK economy did grow in June.
The ONS reports that monthly gross domestic product (GDP) expanded by 8.7% in June 2020, following growth of 2.4% in May 2020 (that’s been revised up, I think).
But despite this, the level of output did not fully recover from the record falls seen across March and April 2020, and has reduced by 17.2% compared with February 2020, before the full impact of the coronavirus (COVID-19) pandemic.
The contraction in Britain’s economy this year is much, much worse than the last recession, as this chart shows:
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