Economy

UK: Over fifth of economy lost in April due to lockdown

UK: Over fifth of economy lost in April due to lockdown”

"So we are past the worst", Capital Economics Ltd economist Andrew Wishart said.

"The UK is heavily dependent on services, we're a dynamic creative economy, we depend so much on human contact".

Meanwhile, the country's overall GDP fell by 10.4 percent in the three-month period ending with April, "as government restrictions on movement dramatically reduced economic activity", the ONS said.

"We're going to work slowly to get the economy back on its feet", Johnson told broadcasters on Friday. People now have to remain 2 metres (6-1/2 feet) apart, which is more than required in most countries and above the World Health Organization's minimum recommendation of staying one meter apart.

"The more people in work, the faster we will work our way out of recession", she said.

Johnson said the government is following scientific advice about containing the spread of the virus and that the required distance is under constant review and could in time be changed.

"It will take a very long time and significant monetary and fiscal stimulus for the economy to climb out of a hole this large", said Luke Bartholomew, investment strategist at Aberdeen Standard Investments.

'Breaking down the 20.4% reduction in GDP, the decline in retail sales accounts for around 15% of this figure, with accommodation and restaurants contributing around 9% and construction 12%.

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The number of average infections per day since the end of April has fallen from 5,600 new infections per day to 4,500, according to the latest figures.

And it suggests only about one in 1,700 people were infected between May 25 and June 7.

The data spikes again later in the week, as more deaths are recorded of those who have tested positive for Covid-19.

There have also been substantial reductions in worldwide trade - goods exports were down by £26bn (26.5%) in three months to April 2020 compared with three months to January 2020 and the trade deficit increased by £4.5bn to £19.3bn.

- Mr Shapps played down reports that the chief nursing officer for England Ruth May was banned from No 10 press briefings because she would not defend the Prime Minister's adviser Dominic Cummings.

The UK has been Europe's worst-hit country, accounting for over 41,000 deaths and almost 293,000 COVID-19 cases, according to Johns Hopkins Coronavirus Resource Center. "Keep a social distance when out, and where that's hard wear a face covering", he said.

- British Airways, easyJet and Ryanair announced they have launched legal action against the Government's "flawed" 14-day quarantine policy, claiming it will "have a devastating effect on British tourism and the wider economy, and destroy thousands of jobs".



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