UK economy shrinks by 25 per cent
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READING:
The UK economy is at its worst for 300 years. The UK's Office for National Statistics said the economy was 25 per cent smaller in April than in February. The Bank of England said there was a 20.4 per cent drop in GDP in April. However, it was positive about the future. It said there were signs the economy was coming back to life. Much of the economy shut down to curb coronavirus. It has the biggest economic collapse among the world's developed nations.
The UK economy saw 20 years of growth wiped out because of lockdown. People are being encouraged to go shopping again, but people are worried. The number of daily deaths is still around 200. The Bank of England said: "The economy clearly closed out substantially….The big question is what happens next." A UK newspaper was pessimistic about any recovery. It wrote: "Britain's economy has fallen off a cliff. It will be a long climb back."
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