Covid-19 plunges UK economy into deepest ever recession

GDP fell by 19.8% in three months to June

clock • 2 min read

The UK economy suffered a record collapse in the second quarter, with gross domestic product plunging 19.8% between April and June, according to the Office for National Statistics (ONS).

The figures confirm that the UK has now entered the biggest recession on record after GDP fell for two consecutive quarters. The fall is slightly less than the initial estimate of a 20.4% but still more than any other country in the EU. Bailey warns UK economy could be hit harder than first expected Overall GDP is now 21.8% smaller than at the end of 2019, highlighting the impact of coronavirus lockdown measures on economic activity. The ONS said: "While it is still true that these early estimates are prone to revision, we prefer to focus on the magnitude of the contraction that...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

The Big Question: What would it take for you to allocate more of your portfolio to the UK?
UK

The Big Question: What would it take for you to allocate more of your portfolio to the UK?

Global asset allocators answer

Investment Week
clock 04 April 2025 • 1 min read
Martin Currie's Jo Rands: Share buybacks are here to stay
UK

Martin Currie's Jo Rands: Share buybacks are here to stay

Hidden element of returns

Jo Rands
clock 04 April 2025 • 3 min read
OBR defends growth forecast leak as MPs question lack of tariff references in outlook
UK

OBR defends growth forecast leak as MPs question lack of tariff references in outlook

UK growth expectations slashed to 1%

Sorin Dojan
clock 01 April 2025 • 3 min read
Trustpilot