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13 May 2020updated 06 Oct 2020 9:45am

UK economy shrinks record 5.8 per cent in March

By Samuel Horti

The UK economy shrank by a record 5.8 per cent in March and by 2 per cent in the first three months of the year, the biggest quarterly contraction since the financial crisis.

Office for National Statistics data shows that, over the first three months of 2020, Britain fared better than the eurozone, where GDP fell by 3.8 per cent, although the UK entered lockdown later than many European nations. 

New Statesman senior online editor George Eaton says the GDP slump shows that “radical economic policy” is required. You can read his analysis here.

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