The UK’s economy shrunk faster than at any point in 100 years in 2020, new figures reveal.
According to the Office for National Statistics, domestic product (GDP) dropped by 9.9% during the year.
The coronavirus outbreak saw an unprecedented closing down of businesses, with fears the economic fallout could last for years.
Chancellor Rishi Sunak said the grim GDP figures show the economy has ‘experienced a serious shock as a result of the pandemic’.
He added that in next month’s budget, he will set out ‘the next stage of our Plan for Jobs and the support we’ll provide through the next phase of pandemic’.
The economic slump of 2020 is beaten only by the Great Frost of 1709, when an extraordinarily cold and icy winter drove GDP down by an estimated 13%, although this was before proper economic statistics were available.
More to follow.