(Photograph: Daniel Leal-Olivas/AFP via Getty Images)
The first step into the deepest recession in living memory has been taken. With only two weeks of lockdown measures accounted for, Britain entered an economic slump unparalleled since the 2008 financial crisis.
But while the crash after the collapse of Lehman Brothers was supposed to be a once-in-a-lifetime occurrence, the early evidence from the Office for National Statistics for the first quarter of 2020 shows Covid-19 will easily eclipse the last crisis. And the worst damage is yet to come.
Almost no aspect of the economy was unaffected in March. Britain broke all records for a monthly decline in gross domestic product, just two weeks of restrictions needed to drastically alter the economic landscape. All three major drivers of growth – services, manufacturing and construction – went into reverse.
GDP contracted by 5.8%, coming close in a single month to the entire loss of output during the 2008-09 recession.
An article by theguardian.com