June 13, 2024

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Delighting finance buffs

Coronavirus effect: UK economy shrinks by record 5.8{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} in March

After the government ordered a shutdown in the UK, economic activity came to grinding halt in the country, much like other nations across the globe. 

Data from the Office of National Statics showed UK GDP contracting by 2 per cent in the first three months of the year compared to the last three months of 2019. (Photo: PTI)

Days after UK Prime Minister Boris Johnson shared guidelines to ease lockdown, official data showed that Britain’s economy shrank by a record 5.8 per cent in March.

After the government ordered a shutdown in the UK, economic activity came to grinding halt in the country, much like other nations across the globe.

The UK has recorded over 38,000 coronavirus deaths and it may take long before the lockdown is completely lifted in the country.

Data from the Office of National Statics showed GDP contracting by 2 per cent in the first three months of the year compared to the last three months of 2019.

While Boris Johnson said the country has to open up its economy, the UK prime minister warned citizens to “stay alert” as life after the virus may never be normal again.

In his conditional plan to reopen the economy, Johnson asked citizens, who cannot work from home, to go back to work at offices but avoid public transport.

He also said that schools could reopen in the UK as early as June 1. He also hinted that part of the hospitality sector could be opened by July, depending on the situation.

The guidelines, however, have left UK citizens confused about the lockdown, as many are confused on how they would go to work without public transport.

The number of rising infections in the UK has also kept citizens worried, as stress continues to build on the country’s economy.

(With inputs from Reuters)

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