looks at what we know about this recession so far and the difference it could make to your cash.The definition of a recession is two quarters (ie six months) of GDP contraction in a row.GDP – or Gross Domestic Product – is used as a measurement of a country’s economic success, based on factors including how much people, businesses and governments are spending, and the value of a country’s exports.The latest figures from the ONS show that GDP fell by 2.2%  from January to March 2020 and again by 20.4% from April to June.This is a stark fall in the context of the past two and a half decades, as you can see in this ONS graph, which makes for bleak viewing.The historic Great Recession of 2008 never saw GDP fall at anywhere near the rate it did last quarter.There are, however, already signs of recovery. Get our daily email briefing straight to your inbox Boris Johnson is being urged to get a grip on both the ­pandemic and The prediction rips apart the Prime Minister’s claim of a swift V-shaped recovery and turns it into a slow L-shaped one.Holger Schmieding, chief London economist of Berenberg bank, says the UK will be a year behind the US and Europe in getting the economy up and running.And he blamed the PM’s delay in introducing lockdown and Brexit chaos for the economic grind the UK faces.He said: “Our guess is that the UK will take until early 2023 to get back to where it was in terms of 2019 output.“Britain has one of the world’s best economies but has made two big mistakes – Brexit and ­getting the pandemic wrong.“It has fallen into a deeper hole than Germany and America.“The recession is lockdown-related and recovery takes ­longer and is shallower the longer lockdowns last.”Fellow economist Stephen Pickford added: “If we had locked down sooner the economic impact could have been lessened.”Shadow chancellor Anneliese Dodds said: “The warning lights are flashing red on the UK economy.“Ministers still haven’t got a grip. This is protected up to £1m by the FSCS.Previously, THBs were protected for six months, but on 6 August this was extended to 12 months due to concerns that the pandemic could cause delays in moving this money with banks branches shut or telephone lines very busy.The government has taken steps to curb some of the anticipated effects of coronavirus on household finances and the economy.But all of these measures have an end date and it’s not clear yet what further support there will be for incomes and jobs.Memories of the 2008 recession are tied up with the response of David Cameron’s governments.Coming into office in 2010, Cameron as Prime Minister and George Osborne as Chancellor embarked on a large-scale project of austerity, slashing government spending in an effort to ‘balance the books’.As a result, billions were cut from the welfare state, leaving many people struggling.Public sector workers faced real-terms pay cuts for a decade due to pay freezes and pay rise caps below inflation.But austerity was not an inevitable result of the recession. Sometimes they’ll include recommendations for other related newsletters or services we offer. RECESSION has officially hit the UK again for the first time in 11 years, the Office for National Statistics (ONS) confirmed today. Mr Athow continued: ‘The economy began to bounce back in June with shops reopening, factories beginning to ramp up production and housebuilding continuing to recover.

Finding work just to survive took precedence over pursuing my dreams (Picture: Ella Byworth for Metro.


The UK’s GDP fell by 5.8% and the government stated that we are in a ‘significant recession’ on 13th May.

We use cookies to allow us and selected partners to improve your experience and our advertising. BRITAIN'S economy is set to officially enter into a recession this week. EXCLUSIVE Holger Schmieding, chief London economist of Berenberg bank believes Britain will trail behind the US and Europe as we struggle to recover from the lockdown financial crisisWhat is really going on in politics? As we’ve seen with lower base rates, an environment is created where savings are unattractive, but spending is easier – especially if banks pass cheap rates to their mortgages and loans.Some of the defining images of the 2008 recession are those of people queuing up at ATMs to withdraw cash from struggling banks.But there’s no need for you to run to the cashpoint.Thanks to the protection offered by the Financial Services Compensation Scheme (FSCS), your money is protected up to £85,000 per institution.This means if a bank does collapse, you’ll be able to recover your cash up to this amount.There’s also a measure to protect what are called ‘temporary high balances’ (THBs) – which is money you might have from things like house sales, redundancy pay or inheritance.

You can understand more and change your cookies preferences For many, the word ‘recession’ will bring back memories of 2008’s major economic downturn, when unemployment skyrocketed and productivity stalled.The ONS says that we are now in the largest recession on record as a result of the coronavirus pandemic, so it’s natural that you might be concerned.Here, Which? The government does appear to be learning from the experience in March.

Employment decreased by 220,000 in the second quarter of the year. Latest figures show the UK’s wealth contracted by 20.4 per cent in the ­second quarter of the year following a 2.2 per cent decline in the first quarter, pitching us into deep recession. Is a recession a good time to buy a house? The UK economy has suffered an extraordinary recession - but it is now firmly into recovery mode By Tim Wallace 30 August 2020 • 7:17am Coronavirus forced swathes of … On Wednesday the Office for National Statistics is expected to show that GDP - or gross domestic product - …


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