The Office of National Statistics has announced that the UK has officially slipped into recession with the economy shrinking by a gigantic 20.4% in the second quarter of the year.
it is believed the national push into the red was been caused by the COVID-19 pandemic, which has seen much of the UK locked down since March this year; five months ago.
The last time the UK was in recession was during the 2008-2009 “great recession”, which affected most of the world.
The announcement that the UK has slipped into recession could not come at a worse time; in under 4 months, the UK will be exiting the EU, most likely without a trade deal. Experts believed that the UK’s exit from the EU would probably lead to a UK-wide recession.
The combination of a COVID-19 led recession, AND the ramifications of Brexit could lead to a very dark and uncertain future for many in the UK.