UK economy suffers worst-ever slump during coronavirus lockdown
The UK economy suffered its worst-ever collapse during April as the coronavirus lockdown wiped out a fifth of GDP.
According to the Office for National Statistics (ONS), GDP plunged 20.4% during the month – a time when all non-essential retailers were forced to close.
The slump is the worst ever recorded by the ONS, meaning it was more severe than any declines after the 2008 financial crash.
Non-essential retailers will be allowed to reopen their doors from Monday as the government seeks to get the economy moving in the right direction.
Subscription content
Please sign in now if you have a subscription or are already registered with us.
Register for free to continue reading
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
- Three free article views per calendar month on Retail-Week.com
- Detailed analysis of current trends and events
- Exclusive newsletters
- In-depth reports, videos, interviews and much more
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.