The UK economy fell by 20 percent

Aug Wed 2020 09:56:04

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The UK economy fell by 20 percent

The UK economy contracted by 20.4 per cent in the second quarter due to a crackdown on coronavirus control.

This is the first time in years that the UK economy has shrunk to such a high level.

According to the National Statistics Office, the economy contracted by 2.2 percent month-on-month in the first three months of this year compared to the same period last year. Under such circumstances, the UK economy is heading for a recession.

The UK's economy has shrunk more than other European countries, especially Germany and France or the United States.

But the statistics office says the economy has improved significantly in the months since the crackdown began. The UK economy grew 8.7 percent in June, according to the office.

Jonathan Atho, a statistician, said that shops in the UK had opened in June, factory production had resumed and home construction had resumed.

The UK government has said that opening closed pubs and restaurants will improve the economy. Rishi Sunak, Britain's finance minister, said there was still a long way to go as the effects of the coronavirus were still being felt.

As far as the UK government is concerned, British economists believe that it will be easier to revive the economy as it is helping companies to pay their wages.

The government is providing paid financial assistance to about 9.6 million workers who have been laid off by 1.2 million employers, and the figure is about 44 billion.