UK economy suffers record fall of 20.4% in April 

Britain’s economy suffered a record collapse during April’s coronavirus lockdown with GDP plunging by 20.4%, the Office for National Statistics said.

The fall is the biggest the UK has ever seen – worse than anything during the financial crash – and underlines the damage inflicted by the COVID-19 pandemic, which saw many businesses shut down in a bid to curb the spread of infection.

The economy was around 25% smaller in April than it was in February, bringing the threat of mass job losses.

In the three months to April, the ONS data shows that accommodation and food services plummeted by 40.1%, with the closure of hotels, bars and restaurants throughout March and April.

Manufacturing and construction also saw significant falls of 10.5% and 18.2% respectively.

Chancellor Rishi Sunak said: “In line with many other economies around the world, coronavirus is having a severe impact on our economy.

“The lifelines we’ve provided with our furlough scheme, grants, loans and tax cuts have protected thousands of businesses and millions of jobs – giving us the best chance of recovering quickly as the economy reopens.

“We’ve set out our plan to gradually and safely reopen the economy. Next week, more shops on the high street will be able to open again as we start to get our lives a little bit more back to normal.”