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UK Officially in Recession For the First Time in 11 Years

 

The United Kingdom is suffering from an economic recession for the first time in 11 years due to the impact of the Coronavirus pandemic on the country’s economy.

According to BBC, the United Kingdom’s economy has shrank 20.4% compared with the first three months of the year. The United Kingdom has also recorded closure of businesses while factory and construction output fell.

According to UK’s finance minister, “Today’s figures confirm that hard times are here. Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will. But while there are difficult choices to be made ahead, we will get through this, and I can assure people that nobody will be left without hope or opportunity.”

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