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.'

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2024 Penn Management Services. All rights reserved. | Company Number: 03655701

Penn Management Services, 1 & 2 Heritage Park, Cannock, Staffordshire WS11 7LT
We use cookies on this website, you can find more information about cookies here.

In accordance with the disclosure requirements of the Services Regulations 2009, our professional indemnity insurer is Allied World Assurance Company (Europe) Limited, of 20 Fenchurch Street, 18th and 19th Floors, London EC3M 3BY. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of Amercia or Canada.

We are registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C008875364.