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City reacts to shock 20% GDP plunge: ‘Black hole’ to take years to recover

The UK is likely to be one of the economies worst hit by the pandemic

A closed-down shop in Aberdare,Wales.
A closed-down shop in Aberdare,Wales. Photo: Matthew Horwood/Getty Images

The British economy suffered the biggest contraction since records began over 50 years ago.

The 20.4% fall in GDP, reported by the Office of National Statistics on 12 June, is three times greater than the drop experienced during the financial crash of 2008-2009. 

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