The UK economy suffered its biggest decline in more than 300 years in 2020 due to the Corona virus epidemic. Last year, the UK economy recorded a decline of 9.9 percent. Shops and restaurants in Britain were closed due to the epidemic. Also the epidemic devastated the travel industry and manufacturing.
The Office of National Statistics said on Friday that the economic downturn in 2020 was more than twice as high as the 2009 downturn during the global financial crisis. This decline is the largest since 1709, when the winters, known as the Great Frost, took place. Britain was a predominantly agrarian economy then.
Britain’s Finance Minister Rishi Sunak said in a statement, “Today’s figures show that the economy has suffered a deep setback as a result of the epidemic, which has been felt by countries around the world.” While there are some positive signs of resilience of the economy during the winter, we know that the current lockdown is having a significant impact on many people and businesses.
Sunak said that he will announce new plans for the security of jobs in the annual budget speech. He is scheduled to address the budget in the House of Commons on March 3. Kovid-19 has affected the UK economy more than most other industrial democracies. In 2020, France’s gross domestic product (GDP) declined by 8.3 percent, Germany’s economy by five percent, and American’s by 3.5 percent.