The economy contracted by 20.4% in the second quarter, a direct result of Covid-19 lockdown restrictions. Britain's economy contracted by a record 20.4% in the second quarter with the country in lockdown over the coronavirus pandemic, official data showed on Wednesday. "It is clear that the UK is in the largest recession on record," the Office for National Statistics said. Britain officially entered recession in the second quarter after gross domestic product (GDP) contracted by 2.2% in the first three months of the year. The central bank forecasts also that the UK economy will have contracted by 9.5% for the whole of 2020.

Source: News 24 August 12, 2020 10:17 UTC