UK economy shrinks by record 20 per cent in April
To state the obvious, economies do not recover quickly from a hit like this.
"Output in the UK fell by 20.4 per cent in April, compared with the previous month, according to data from the Office for National Statistics. This is by far the largest contraction since monthly records began in 1997 and follows a 5.8 per cent contraction in March, the previous record fall.
“April’s fall in GDP is the biggest the UK has ever seen, more than three times larger than last month and almost 10 times larger than the steepest pre-Covid-19 fall,” said Jonathan Athow, deputy national statistician for economic statistics at the ONS. “In April the economy was around 25 per cent smaller than in February.”
April’s figure dwarfs the downturn during the 2008-09 financial crisis, when the fastest contraction was a monthly fall of 1 per cent in March 2009. It also far exceeds the 6 per cent cumulative output lost during the one-and-a-half years of economic contraction during the financial crisis."
And of course, this comes after this: