Swipe through the latest business and wealth clues with our android app

UK economy shows biggest drop in 40 years in early 2020

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.

Read More at Reuters News date : 30 Jun 2020, Tuesday

©2020 TheNewsClues