Chancellor of the British Cabinet of Ministers Rishi Sunak in an interview to the BCC has warned about a new wave of job losses, claiming that the British “times are tough”. Reduction of British national GDP 20.4% in the second quarter – the largest decline among all major economies announced by the G7 countries to date.
According to the Sunak, it was due to a significant decline in sales of goods and purchasing power of citizens, and also because of the mass closure of a number of companies for several months. The British Office for national statistics (ONS) confirmed that the decline in the economy to a greater extent was caused by the closure of shops, hotels, restaurants, schools and garages at Albion. The services sector, which accounts for four-fifths of the economy, experienced the biggest quarterly decline in the history of observations. Plant shutdown has also led to the lowest level of car production since 1954. The greatest economic decline was recorded in April, in the midst of the action of isolation in the United Kingdom.
