General World News

The UK economy is on the brink of a double-dip recession after it shrank 2.6% in November amid surging COVID-19 cases

2021 01 05T125251Z_1_LYNXMPEH040PE_RTROPTP_4_HEALTH CORONAVIRUS BRITAIN.JPG

Summary List Placement

The UK economy shrank 2.6% in November as an increase in coronavirus infections and fresh restrictions exacted a heavy toll, official figures have shown, putting the country on track for a double-dip recession.

November’s drop was considerably lower than the 5.7% contraction economists predicted in a Reuters poll. But it meant the economy was 8.5% smaller than it was in February 2020, having been 6.1% smaller in October, the Office for National Statistics said.

Since November the UK government has tightened lockdown measures, meaning more pain is yet to come for the economy.

Ministers are focused on details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: BusinessInsider.Com