The UK economy shrank a record 20.4% in April as businesses and workers reeled under the lockdown designed to control the coronavirus pandemic. The contraction means the nation has effectively seen almost 18 years of growth wiped out in two months. In addition to registering the highest death toll in Europe, the UK has also paid an heavy economic price. That view is shared by most economists, who expect purchases to be stepped up by at least 100 billion pounds. Still, the pound was largely unperturbed by the plunge in output, which was expected by investors.

Source: News 24 June 12, 2020 11:37 UTC