BREAKING: UK economy shrinks by 20.4% in April
Jonathan Athow, deputy national statistician for Economic Statistics, said today: “April’s fall in GDP is the biggest the UK has ever seen, more than three times larger than last month and almost ten times larger than the steepest pre-covid-19 fall.“Virtually all areas of the economy were hit, with pubs, education, health and car sales all giving the biggest contributions to this historic fall.
“The UK’s trade with the rest of the world was also badly affected by the pandemic, with large falls in both the import and export of cars, fuels, works of art and clothing.” "The 20 per cent fall is a shocking figure nonetheless, but gives us a good idea of how deep the trough is that the UK economy needs to make its way out of in the coming quarters"
He added: “With a Brexit showdown in the coming fortnight, we can but hope that today’s numbers focus a few minds in to providing an extension to the current transition period so as to relieve businesses from fighting two of their largest ever battles concurrently.”
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