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British economy suffered record collapse in the second quarter

A lady in a protecting face masks waits for shoppers in a memento store in landmark Southbank – a cultural centre of London as the metropolis encourages inside tourism after international Coronavirus lockdown drastically shrunk worldwide tourism in London, England, August 10, 2020.

Dominika Zarzycka/Zuma Press

The British economy collapsed in the second quarter by the most on record and the worst exhibiting of any main economy throughout the pandemic.

The U.Ok. gross home product quarter-on-quarter fall of 20.4% in the second quarter worse than even hard-hit France and Spain.

The 20.4% decline was barely higher than the 21.2% decline forecast by economists.

“The economy began to bounce back in June with shops reopening, factories beginning to ramp up production and housebuilding continuing to recover. Despite this, GDP in June still remains a sixth below its level in February, before the virus struck,” mentioned ONS Deputy National Statistical for Economic Statistics Jonathan Athow.

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