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UK economy shrank record 11% in 2020, worst since 1709: Govt data

This was a bigger drop than any of the ONS's previous estimates and the largest fall since 1709, according to historical data hosted by the Bank of England

The number households in UK living from paycheck to paycheck will almost double to 7 million by 2024, including 5.3 million with no savings at all, a survey said.
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The downward revision in GDP reflected lower contributions from healthcare and retailers than previously thought.

Reuters London
Britain recorded its biggest fall in output in more than 300 years in 2020 when it faced the brunt of the COVID-19 pandemic, as well as a larger decline than any other major economy, updated official figures showed on Monday.

Gross domestic product fell by 11.0% in 2020, the Office for National Statistics said. This was a bigger drop than any of the ONS's previous estimates and the largest fall since 1709, according to historical data hosted by the Bank of England.

British statisticians regularly update GDP estimates as more data becomes available.

The ONS's initial estimates had already suggested

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 22 2022 | 10:47 PM IST

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