U.K. economy, the sixth-largest in the world, is in a tailspin due to the COID-19 pandemic.
U.K. Chancellor Rishi Sunak said the government is grappling with something new and unprecedented after figures showed the U.K. economy suffered its biggest slump on record.
In the first half of 2020, GDP shrank by 22.6%, the deepest recession in U.K. history, and worse than any other G7 or European country.
The two consecutive quarters of decline caused by the COVID-19 lockdown has pushed the U.K. officially into recession.
In March 2020, in response to the coronavirus pandemic, the Bank of England cut their interest rate to 0.1%.
Yvad Billings, Readers Bureau, Contributor
Edited by Jesus Chan
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