UK in recession

UK is officially in recession for first time in 11 yearsThe Office for National Statistics (ONS) has reported this morning that the UK economy contracted by 20.4% in the second quarter of 2020, putting the UK into recession for the first time since the financial crisis. The ONS said that while the economy began to bounce back in June as lockdown eased, GDP in June was a sixth of the level recorded in February before the virus hit. In its update on the economy, the ONS also pointed to a record fall in productivity during the second quarter of the year as more than nine million workers were placed on furlough. The data showed that the UK economy suffered more than any other advanced nation because it is so heavily dominated by the service sector. Spain recorded an 18.5% fall in the second quarter, Germany declined 10.1% and the US lost 9.6%.