UK economy set to experience 'deepest recession in living memory'

06 May 2020

The UK economy is set to experience the 'deepest recession in living memory', according to a survey carried out by IHS Markit.

The survey suggested that UK GDP could decrease at a quarterly rate of 7%. However, IHS Markit stated that the actual decline in GDP 'could be even greater'.

Nearly 79% of businesses that provide services, such as hairdressers and restaurants, said that they have seen business activity fall as a result of the coronavirus (COVID-19) lockdown. 

'The data highlights that the downturn in the UK economy during the second quarter of 2020 will be far deeper and more widespread than anything seen in living memory,' said Tim Moore, Economics Director at IHS Markit.

'The April survey reading is consistent with the economy falling at a quarterly rate of approximately 7%, but we expect the actual decline in GDP could be even greater, in part because the PMI excludes the vast majority of the self-employed and the retail sector.'

Copyright

© 2021 Andrew Wright & Co.. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01924 379479

Address
Andrew Wright & Co., 10 Cliff Parade, Wakefield, West Yorkshire WF1 2TA


In the UK the term accountant is not protected by law, therefore anyone can call themselves an accountant. Being an ACCA member firm means that you can have confidence that we are qualified to handle your finances, help your business grow and that we are regulated by the leading accountancy body in the world. The ACCA Qualification provides a wide-ranging skill-set, which means we are trained to provide both strategic and operational input and adapt quickly to your changing management accounting needs.

Unqualified persons who have trained for book-keeping or tax only simply aren't able to provide these other services as their skillset is too narrow.

Andrew Wright & Co is a trading style of Andrew Wright & Co Limited. Registered in England and Wales: 10641250. Registered office: 10 Cliff Parade, Wakefield, West Yorkshire, United Kingdom, WF1 2TA.