Shutting all non-essential shops, restaurants, hotels and more, travel restrictions and closing schools saw Britain's economy plunge a record 18.8% in the second quarter of 2020. Since then it's been struggling to recover - rising 16% from those lows as restrictions were eased over the summer. Now, with a new lockdown coming into force, it looks certain the economy will plunge again. “The UK is a service economy, so it’s all about shutting down services, and it’s bad because things like schools are a big part of GDP. This is a bad day for the UK economy and will cost key industries billions in the years to come.”

Source: Daily Mirror January 05, 2021 10:53 UTC