COVID-19: UK Could Be Facing A “Significant Recession”

14th May 2020
Written by Editor
Published in Business & Economy, Europe, World
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Unic Press UK: Chancellor of the Exchequer and Member of Parliament for Richmond (Yorks), Rishi Sunak, said the UK is probably facing a significant recession.

“Technically a recession is defined as two quarters of negative GDP, we’ve now had one…so yes, it is now very likely that the UK is facing a significant recession at the moment and this year,” Sunak, told the Sky News.

UK GDP fell by 2.0% in Quarter 1 2020 – ONS

In a recent report, the Office of National Statistics (ONS) highlighted that the country’s GDP fell by 2.0% in Quarter 1 (Jan to Mar) 2020, signalling the first direct impacts of COVID-19 pandemic on the UK economy.UK COVID-19 Case Update As At 12 May 2020

Confirmed Cases: 229,705
Deaths: 33,186

As of 9am 13 May, there have been 2,094,209 tests, with 87,063 tests on 12 May.

1,522,258 people have been tested of which 229,705 tested positive.

As of 5pm on 12 May, of those tested positive for coronavirus, across all settings, 33,186 have sadly died. pic.twitter.com/at0NCqAILf

— Department of Health and Social Care (@DHSCgovuk) May 13, 2020