UK records deepest recession among top economies

[sandensea]

Last edited Wed Aug 12, 2020, 09:45 PM - Edit history (1)

Britain has suffered the deepest recession among the world’s top economies this year, shrinking by a fifth in the second quarter alone when much of the economy was mothballed as part of efforts to contain the coronavirus pandemic.

The 20.4% Second Quarter drop is the worst since quarterly records began in 1955, the Office for National Statistics said - and means Britain is in recession for the first time since 2009.

Britain’s recession is deeper than those recorded by comparable economies in Europe - notably Germany (-10.1%), France (-13.8%), Italy (-12.4%), or the United States (-9.5%).

Canada and Japan, the remaining members of the G-7 leading industrial nations, have yet to publish their second-quarter numbers but no economist thinks they will be as bad as the U.K.’s.

At: https://abcnews.go.com/International/wireStory/uk-economy-officially-recession-204-q2-slump-72321579

British Prime Minister Boris Johnson addresses workers at MTX, a leading British construction firm, recently.

Johnson's Britain, which leads Europe in Covid-19 deaths at nearly 47,000, also leads major economies as far as the severity of its 2nd Quarter downturn.

[Celerity]

1. and the Brexit-effect is waiting down the road to sink in another boot to the jacobs

[Wellstone ruled]

2. Just the start of a

British Night Mare to come. One Economist has forecast 30% unemployment just for England as the Brexit deals dies. BTW,the Economic Shrinkage is forecast to by north of 30%,surprised they have already topped 20%. But there is still a couple weeks to go.

[3Hotdogs]

3. That is sad.

[T_i_B]

4. One thing I'm seeing

Is that even on those days when business is good you still end up getting some bad news from somewhere on a daily basis. Be it Operation Tap in Kent, people you know losing their jobs, businesses closing or reducing hours, people having to isolate etc.

And that's without even looking at the news on TV or reading a newspaper!