'The longest movie spoiler in history': UK economy pays 'spectacular' price for slow lockdown

'Long and painful' road to recovery

Today's GDP figures revealing the UK’s output shrank by more than 20% in Q2 shows "the heavy price the UK has paid" for being slower than its European peers to enter a lockdown, according to several investment professionals, who have said that while the figures are "spectacular", they are unsurprising.

Figures from the Office for National Statistics (ONS) released today (12 August) found the UK is in the throes of its "largest recession on record" after growth shrank by 20.4% between Q1 and Q2 this year. Combined with a 2.2% reduction in output between Q4 2019 and Q1 2020, the economy is now more than a fifth smaller than it was at the start of the year. In June, however, GDP saw an uptick of 8.7%, according to ONS data, following the phased reopening of businesses including non-essential shops, pubs and restaurants. Market Movers Blog: UK in 'largest recession on record' as coro...