Latest slump deeper than 2008-09 financial crisis, deindustrialisation of 80s or oil shocks of 70s
- UK falls into recession – live business updates
- UK economy plunges into deepest recession since records began
The coronavirus pandemic has plunged Britain’s economy into the deepest slump since quarterly records began, with the country officially confirmed in recession for the first time since the 2008 financial crisis.
Economists define a recession as two consecutive quarters of falling gross domestic product (GDP), the broadest measure of economic prosperity. After a 2.2% fall in the first quarter of 2020 and a historic 20.4% plunge in the second, the Covid-19 recession is the deepest of the modern age.