The UK economy has suffered a steep decline in 2020, more than 300 years ago due to the corona virus epidemic. Last year, the UK economy recorded a decline of 9.9 percent. Shops and restaurants in Britain were closed due to the epidemic. In addition, the epidemic devastated the travel industry and manufacturing.
The National Statistical Office said on Friday that the economic downfall in 2020 was more than twice as large as the 2009 downfall during the global financial crisis. This decline is the largest since 1709, when the winter was known as the Great Frost. Britain was a predominantly agrarian economy then.
Britain’s Finance Minister Rishi Sunak said in a statement, “Today’s data shows that the economy has suffered a deep setback as a result of the epidemic, which has been felt by countries around the world.” While there are some positive signs of resilience of the economy during the winter, we know that the current lockdown is having a significant impact on many people and businesses. ”
Sunak said that he will announce new schemes for the security of jobs in the annual budget speech. He is scheduled to give a budget address in the House of Commons on 3 March. The Kovid-19 has affected the UK economy more than most other industrial democracies. In 2020, France’s gross domestic product (GDP) declined by 8.3 percent, Germany’s economy by five percent and American’s GDP by 3.5 percent.