UK economy suffers worst quarterly slump since 1979

The Bank of England has warned that Covid-19 paralysis could spark the UK’s worst recession in centuries, after the coronavirus slammed economies worldwide. – EPA pic, June 30, 2020.

BRITAIN’S economy has suffered its biggest quarterly contraction for more than 40 years as the coronavirus pandemic slashed activity, revised official data showed today.

Gross domestic product shrank 2.2% in the first quarter, or January-March period, compared with the prior three months, the Office for National Statistics said in a statement giving a second estimate.

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