The UK will officially enter a recession this week, The Guardian reports, after figures from the second quarter of 2020 show a drop in GDP of 21%. The UK has not been in recession since the financial crisis of 2008.
GDP declined by just 2.2% in the first three months of the year, but following strict government lockdown measures and a continuing wave of job losses, financial news has been growing steadily worse. The technical definition of a recession is two consecutive quarters of shrinking GDP.