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UK records deepest recession among top economies

13 Comments
By PAN PYLAS

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13 Comments
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But when BREXIT is finalised in January and the unicorns arrive all will be wonderful! :)

4 ( +6 / -2 )

Ah yes. Brexit just in time for the pandemic.

Good timing!

1 ( +2 / -1 )

That was sarcasm BTW.

1 ( +1 / -0 )

Brexiteers will soon learn one of the hard lessons of life taught by the old adage: Be careful what you wish for! They foolishly wanted to believe Boris's BS of "Let's Take Back Control" which they can now shovel up with their spades. The Tories did take back control of political power (for themselves), but Covid has made a shambles of the promises of pie in the sky dangled before the duped electorate by the Conservatives who are now themselves losing control to a virus that threatens to inflict more damage on the economy and wreak even more chaos in society in the grim winter months to come.

3 ( +3 / -0 )

A party led by Boris Johnson overseeing an absolute shambles of a response to Covid and an economy down the toilet.

Who would have thought that?

3 ( +4 / -1 )

Not all doom and gloom .......

3. GDP grew by 8.7% in June 2020

Monthly gross domestic product (GDP) grew by 8.7% in June 2020, following growth of 2.4% in May 2020. Despite this, the level of output did not fully recover from the record falls seen across March and April 2020, and has reduced by 17.2% compared with February 2020, before the full impact of the coronavirus (COVID-19) pandemic.

Looking ahead, results from Wave 10 of the Business Impact of Coronavirus (COVID-19) Survey (BICS), which covered the dates 13 to 26 July 2020, found that of businesses currently trading, 45% reported their turnover exceeded their operating costs, compared with 16% who reported their operating costs exceeded their turnover. However, of those businesses currently trading, over half (54%) reported a decrease in turnover during this period compared with what is normally expected for July.

https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/june2020#gdp-grew-by-87-in-june-2020

However grim.

Also ....

And it's almost inevitable that unemployment will sky-rocket, potentially more than doubling to the 3 million mark last seen in the 1980s.

I suspect this is a conservative estimate.......

-2 ( +1 / -3 )

Gosh, it's almost like right-wing populist policies are bad for the economy.

Vote for a leader, get a outcome. Sound familiar?

4 ( +4 / -0 )

The Tories have to own this, they've been in power for a full decade and they can't keep blaming Labour for doing what Osbourne admitted they would have done themselves anyway to fix the economy during the financial crisis

3 ( +4 / -1 )

So, in a choice between "do nothing to keep the economy going; suffer massive casualties" vs "shut down soon and quickly to minimise casualties; take a larger economic hit", the Tories compromised and went for "have the worst economic contraction in Europe; suffer the most casualties in Europe".

Good stuff.

0 ( +2 / -2 )

Luckily the Tories can blame the virus for all the problems..... well, the virus and “bloody immigrants” and the majority will let them get away with it...

2 ( +3 / -1 )

Just wait and see what happens when Johnson tries to screw over the GFA.

0 ( +2 / -2 )

Brexit, a piss poor Government and the pandemic. Not surprising we are in recession.

2 ( +3 / -1 )

And it's almost inevitable that unemployment will sky-rocket, potentially more than doubling to the 3 million mark last seen in the 1980s.

Back to the levels of the ‘economic miracle’ of Thatcher’s Britain.

Land of Dope and Tories...

2 ( +3 / -1 )

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