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© Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.UK records deepest recession among top economies
By PAN PYLAS LONDON©2024 GPlusMedia Inc.
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Mr Kipling
But when BREXIT is finalised in January and the unicorns arrive all will be wonderful! :)
ArtistAtLarge
Ah yes. Brexit just in time for the pandemic.
Good timing!
ArtistAtLarge
That was sarcasm BTW.
u_s__reamer
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.
Jimizo
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?
itsonlyrocknroll
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.......
The Avenger
Gosh, it's almost like right-wing populist policies are bad for the economy.
Vote for a leader, get a outcome. Sound familiar?
Sneezy
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.
Mr Kipling
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...
Toasted Heretic
Just wait and see what happens when Johnson tries to screw over the GFA.
Luddite
Brexit, a piss poor Government and the pandemic. Not surprising we are in recession.
Jimizo
Back to the levels of the ‘economic miracle’ of Thatcher’s Britain.
Land of Dope and Tories...