UK’s GDP contracted by 20%. The fall in output reflects the mammoth fall in economic activities nationwide during the quarter because of the lockdown imposed to tackle the pandemic. The grim economic news comes despite unprecedented government interventions, including spending tens of billions of pounds on job support schemes during a bid to avoid mass layoffs. The recession is already wreaking havoc, with around 730,000 workers being aloof from the payrolls of British companies since March.
Here’s an extract from our Monthly Newsletter for August 2020. The report summarizes the financial impact of various economic events which took place during the last month. It highlights the negative impact of the current scenario on the GDP of countries globally, how start-ups are leveraging the shortcomings of the pandemic, highlights of the financial markets, and much more.