August 14th, 2020
As the world slowly recovers from the onslaught of the Coronavirus pandemic, cautious optimism prevails. However, things are not all that well in the UK in terms of its economy. Britain, on Wednesday, officially entered into recession as its GDP slumped by 20.4% in Quarter 2 (Apr to June) 2020 – the largest quarterly contraction in the UK economy since the quarterly records began in 1955. This is the second consecutive quarterly decline after the GDP fell by 2.2% in the previous quarter (Jan to Mar) 2020.
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