However, the UK still faces the biggest recession on record after two consecutive quarters of falling GDP. Despite the revisions, the UK economy tumbled into the largest recession since current records began after two successive quarters of falling GDP due to the coronavirus crisis. "It is clear that the UK is in the largest recession on record. "The latest estimates show that the UK economy is now 21.8% smaller than it was at the end of 2019, highlighting the unprecedented size of this contraction." In May, the Organisation for Economic Co-operation and Development (OECD) predicted the UK economy will be the hardest hit among the world's developed countries due to the pandemic.

Source: Daily Mirror September 30, 2020 06:18 UTC