UK Dives into Recession for the first time in 11 years.

As every country’s economy has faced a severe crisis and every country’s GDP number have been affected.It is not only UK but many other developed and developing countries are into it partially or completely.It is due to these Covid-19 scenario where everything came into stand still.Industries were closed,retail outlets went into lockdown,every market leaving essentials were on hit due to this pandemic.

If we talk of UK in recent period it has been affected very badly as the government has claimed that 20.4% economy has shranked while comparing with the first three months.It is been on its biggest slum on record from mid April to June due to forced lockdown in this pandemic.As the household spending plunged as shops were to remain closed and factories and construction output also fell which pushed into its first technical recession since 2009.

Chancellor Rishi Sunak has said to the media that the government was “grappling with something that is unprecedented” and it was a very difficult and uncertain time.The teachers in the country are saying that they ensured that no student should be penalised as the exam were cancelled in the pandemic which is panicked and chaotic.

Due to the immediate lockdown and airlines being shut customers are saying that we are not receiving the refund.So,it seems that, the refund procedure has been slowed down too tremendously due to this pandemic.As still now the economy has been not unlocked completely everything is been working on phased manner.

The office of the National Statistics said that the economy bounced back in the month of June when as the restrictions started to ease in the country.On a month on month basis,the economy grew by 8.7% in June after growth of 1.8% in May.

As the job figures presented by the government on Tuesday that the number of people who lost jobs were around 220000 between the period April to June.Chancellor said that it will be bot possible for the people to go back for the jobs they had earlier and we need to create new job opportunities in different areas.

Business People have urged to the government to provide their maximum support to the economy so that every things start to fall as the new future will evolve.The Bank of England has said that it does not expect the economy to be as the same as it was before the pandemic size until the end of next year.Other institutes in the country has stated the recovery will take even longer.

If we compare it with other nations the UK’s slump is worse than any other advanced economies.The economy has become fifth smaller as it was in the last year.It is not bad than Spain,but it is twice the size of Germany and US.