ONS reports biggest dip in British economy for more than 300 years

The Office for National Statistics has announced that the British economy has seen its biggest dip in more than three centuries.

Figures released today revealed that gross domestic product dropped by 9.9 per cent in 2020, but that it appears to be on course for recovery.

The economy returned to growth in December, with a 1.2 per cent rise in GDP.

However, the Bank of England has predicted that the economy will shrink again in the first quarter of this year, with an anticipated drop of 4 per cent, driven by the latest lockdown and issues caused by Brexit.

Rishi Sunak, chancellor of the exchequer, commented: “Today’s figures show that the economy has experienced a serious shock as a result of the pandemic, which has been felt by countries around the world.”

Shadow chancellor Anneliese Dodds said: “These figures confirm that not only has the UK had the worst death toll in Europe, we’re experiencing the worst economic crisis of any major economy.

“Businesses can’t wait any longer. The chancellor needs to come forward now with a plan to secure the economy in the months ahead, with support going hand-in-hand with health restrictions.”