- UK has crashed into the deepest recession of any major global economy - it's economic output shrank by 20.4% in 2Q 2020 (CNN Business)
- It is officially in recession for the first time in 11 years - the services sector which powers four-fifths of the economy, suffered the biggest quarterly decline on record. The economic decline was concentrated in April - at the height of the lockdown. (BBC News)
- The reasons for the severe downturn in the second quarter include an economy that relies more heavily than most on consumer spending and a longer national lockdown than its neighbours (The New York Times).
Fellow traders, how was your reaction when you read that UK had stumbled into recession? Did you expect it coming, or otherwise? Most importantly - how do you foresee the Pound reacting to this news? Do share your views:)
God save the queen? Indeed.
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