Economics
U.K.’s Worst Slump in Europe Raises Pressure to Sustain Rebound
- Second-quarter downturn is worst since records began in 1955
- Chancellor acknowledges job losses to come as furloughs end
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The U.K. economy suffered more than any major European nation during the coronavirus lockdowns, piling pressure on the government to ensure the withdrawal of its support programs doesn’t derail the nascent recovery.
Gross domestic product plunged 20.4% in the second quarter, the most since records began in 1955 and roughly double that of Germany and the U.S. It also pushed Britain into its first recession since 2009.