Tag: recession

Recession is unprecedented, says Chancellor Rishi Sunak

Media playback is unsupported on your device Media captionRishi Sunak: “We’re grappling with something unprecedented” Chancellor Rishi Sunak has said the government is “grappling with something that is unprecedented” after figures showed the UK economy had suffered its biggest slump on record. The economy shrank 20.4% between April and June compared with the first three months of the year. The… Read more →

UK officially in recession for first time in 11 years

Image copyright TOLGA AKMEN The UK economy suffered its biggest slump on record between April and June as coronavirus lockdown measures pushed the country officially into recession. The economy shrank 20.4% compared with the first three months of the year. Household spending plunged as shops were ordered to close, while factory and construction output also fell. This pushed the UK… Read more →

Coronavirus: What is a recession?

Image copyright Getty Images The UK, along with much of the rest of the world, is thought to be heading into the worst recession for decades. So what exactly does that mean? What is a recession? In normal times, a country’s economy grows. Its citizens, on average, get slightly richer as the value of the goods and services it produces… Read more →

Pandemic pushes US into official recession

Image copyright Getty Images The economic downturn in the US triggered by the pandemic has been officially declared a recession. The National Bureau of Economic Research made the designation on Tuesday, citing the scale and severity of the current contraction. It said activity and employment hit a “clear” and “well-defined” peak in February, before falling. The ruling puts a formal… Read more →