UK economy shrinks by 25 per cent
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READING:
The UK suffered its worst performance since a mini ice age 300 years ago, when the River Thames froze. The UK's Office for National Statistics said the economy was 25 per cent smaller in April than in February. The Bank of England acknowledged there was a 20.4 per cent drop in GDP in April. It called this "a dramatic and big number". It was positive about the future and that there were signs the economy was coming back to life. Much of the UK economy shut down to curb coronavirus. It is experiencing the biggest collapse among the world's developed economies.
The UK economy has seen nearly 20 years' worth of growth wiped out because of lockdown measures. This week, people are being encouraged to go shopping again. Many shoppers remain wary about venturing out to shops, as the number of daily deaths is still around 200. The Bank of England said: "The economy clearly closed out substantially at the end of March into April. The big question is what happens next." The UK's 'Guardian' 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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