Updated August 12th, 2020 at 14:04 IST
UK Chancellor on recession: "hard times are here"
UK Chancellor Rishi Sunak said Wednesday that "hard times are here" and more people will lose their jobs, as the economy has officially fallen into a recession.
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UK Chancellor Rishi Sunak said Wednesday that "hard times are here" and more people will lose their jobs, as the economy has officially fallen into a recession.
Official figures showed it contracting by a record 20.4% in the second quarter as a result of lockdown measures put in place to counter the coronavirus pandemic.
The slump recorded by the Office for National Statistics follows a 2.2% quarterly contraction in the first three months of the year.
As such, the U.K. economy is in a recession - commonly defined as two quarters of negative growth.
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Published August 12th, 2020 at 14:04 IST