U.K. economy nosedives 20.4% in one month due to COVID-19 lockdown measures

 The M5 at Highbridge in Somerset is a stark example of the effect of the Coronavirus lockdown.
Ben Birchall/PA

Date Published: June 12, 2020

Source: Global News

The Office for National Statistics said the British economy has shrunk by 20.4% in April. The Organization for Economic Cooperation and Development warns that the country is heading for one of its deepest recessions ever. Lockdown restrictions are slowly being lifted, with nonessential shops such as department stores and electronic retailers set to reopen on Monday, provided they can follow physical distancing requirements. Economic recovery might be held back by the fact that many businesses may not recover from the slump and millions of workers face unemployment. Up until now, companies have largely held off from cutting jobs as a result of the Job Retention Scheme, where the government would pay up to 80% of the salaries of retained workers, but the scheme is set to end in October.

Read the full article here: https://globalnews.ca/news/7058451/coronavirus-lockdown-britain-economy/

Summary by: Angus Lau