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British economy shrank by a colossal 20.4% in april due to corona lockdown

The British economy shrank by a colossal around 20.4% in April, the 1st full month that the country was in its corona virus lockdown, as official figures showed Friday. The monthly decline, that unprecedented in both scale and speed, had been expected given that much of the economy was shuttered as part of the lockdown and shutdown, that was put in place on 23rd March. Following on from March’s about 5.8% decline, as the UK economy has contracted by around a quarter in just 2 months. With many of the economies still mothballed in May and June as well, the UK is heading towards one of its deepest recessions ever as the Organization for Economic Cooperation and also Development warned on Thursday that the UK is set to be the hardest-hit industrial economy by this year as well.

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Unemployment has gone up between the pandemic but govt support measures have helped keep a lid on the increase.British economy Frances O’Grady, the general secretary of the umbrella Trades Union Congress, told that – “The more people in work, the faster we will work our way out of recession,” The Deputy National Statistician for Economic Statistics Jonathan Athow told April’s fall is “the biggest the UK has ever seen” and also “almost 10 times larger than the steepest pre-coronavirus fall.”
The govt is coming under the mounting pressure to relax the social distancing guidelines, as well as, in order to help the economy recover. In the UK people have to remain 2 meters (6-1/2 feet) apart, that is more than most of the countries. The govt says the required distance is under constant review. So many lawmakers in the Prime Minister Boris Johnson’s Conservative Party and also many in the company and business community, are urging the govt to reducing the rules for potentially make it easier for the shops that to re-open and to generate more sales when they do as well.

 

Also read:-India Should Work for 60 hours for a week for 2-3 years to fast track the economy.