Britain’s Economic Recession: Worse Than in Europe and North America


Britain discovered on Wednesday that its economy had suffered a recession deeper than any other reported by a European or North American country during the coronavirus pandemic.

The reasons for the severe downturn in the second quarter include an economy that relies more heavily than most on consumer spending and a longer national lockdown than its neighbors.

Still, the cost of the pandemic provided another grim record. Last month, the government reported that Britain had Europe’s highest rate of excess deaths.

“A few months ago, I said hard times are coming and today’s figures show hard times are here,” Rishi Sunak, Britain’s top finance official, said on Wednesday.



Sahred From Source link Business

Be the first to comment

Leave a Reply

Your email address will not be published.


*