Britain’s economy shrank by the most since 1979 in early 2020 as households slashed their spending, according to official data. GDP dropped by a quarterly 2.2% between January and March. The household savings ratio shot up to 8.6% in the first quarter from 6.6% at the end of 2019. Britain’s economy may have contracted by 20% in the first half of 2020, the Bank of England said. Most sectors were badly impacted by the full effects of the lockdown in the April-June period. The BoE said the slump in the economy this year could be the worst in three centuries.