UK economy 'set for deepest downturn in memory'

Posted by Carolina Plugaru on

UK economy 'set for deepest downturn in memory'

(Source: BBC News)

The UK's economy is on track for its deepest downturn "in living memory", according to a closely watched survey, as businesses suffer from the lockdown. The survey from IHS Markit/CIPS found the UK's dominant services sector contracted at a record pace last month.

Around 79% of services, such as cafes and hairdressers, reported a fall in business activity amid mass shutdowns in response to the coronavirus. IHS Markit said UK GDP could fall at a quarterly rate of 7%.

However, it also warned that the decline could be even greater. Tim Moore, economics director at IHS Markit, said the data "highlights that the downturn in the UK economy during the second quarter of 2020 will be far deeper and more widespread than anything seen in living memory".

Read more on BBC News

← Older Post Newer Post →