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Pandemic causes UK economy to suffer record annual slump
Video Credit: ODN
Published on February 12, 2021 - Duration: 00:27s
Pandemic causes UK economy to suffer record annual slump
The UK's economy shrunk faster than at any point in 100 years in 2020, as gross domestic product (GDP) dropped by 9.9%, according to new data from the Office for National Statistics.
"Today's figures show last year our economy experienced a significant shock" said Chancellor Rishi Sunak.
He added that despite "some signs of resilience over winter, what's clear is right now many families and businesses are experiencing hardship".
The Chancellor said he will set out the "next stage" of his "economic response" at the budget in early March.
Report by Thomasl.
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Rishi Sunak
Prime Minister of the United Kingdom since 2022
Office for National Statistics
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