UK economy shrank by a record 5.8% in March. The pain is only getting worse
CNNLondon CNN Business — The UK economy shrank by a record 5.8% in March as the coronavirus caused huge swaths of business to seize up and the government imposed measures to contain the pandemic. “With the arrival of the pandemic nearly every aspect of the economy was hit in March, dragging growth to a record monthly fall,” said Jonathan Athow, an economic statistician at the Office for National Statistics. “March’s GDP figures showed that the UK economy was already in freefall within two weeks of the lockdown going into effect. The Bank of England expects a swift economic recovery in 2021, but it cautioned that its forecast, which assumes a gradual easing of social distancing measures and “very significant” monetary and fiscal stimulus, depends on the “evolution of the pandemic, and how governments, households and businesses respond.” The central bank has already moved to counter the economic shock caused by weeks of lockdown measures and lost production, slashing interest rates to a record low in March and launching a £200 billion bond buying program.
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