Business

UK economy suffers record slump

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April’s monthly decline in GDP was three time greater than the fall experienced during the 2008 global financial crash, data from the Office for National Statistics has revealed.

Chancellor Rishi Sunak said: “In line with many other economies around the world, coronavirus is having a severe impact on our economy.

“The lifelines we’ve provided with our furlough scheme, grants, loans and tax cuts have protected thousands of businesses and millions of jobs – giving us the best chance of recovering quickly as the economy reopens.

“We’ve set out our plan to gradually and safely reopen the economy. Next week, more shops on the high street will be able to open again as we start to get our lives a little bit more back to normal.”

Drapers’ coronavirus update

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