Putting the UK into lockdown was only going to send growth in one direction: down. While today’s figures from the Office for National Statistics were expected, they nevertheless confirm that the UK has experienced its largest monthly economic contraction on record.
The UK economy shrank 20.4 per cent in April. Combined with March’s GDP drop (now the second largest fall since records began), the British economy is a quarter smaller than it was in February. Putting these figures alongside other monthly slumps makes for stark comparison. Hits taken for additional bank holidays and for the pain experienced during the financial crash barely compare to what’s happened in light of the shutdown of Britain’s economy.
The make-or-break for a fast recovery could come down to decisions and timings over the next few weeks.
The figures covering March and April include five weeks of lockdown, which has continued for nearly 12 weeks now, though the figures reflect when lockdown rules were most strict.
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