Not only is the UK now formally in recession.
It’s the deepest recession in UK history.
The deepest of any G7 economy.
The deepest since the invention of Gross Domestic Product.
GDP shrank by 20.4% in Q2, acc to @ONS. Follows a 2.2% fall in Q1
Most recent recessions lasted longer than two quarters but in this case GDP is expected to bounce back with v strong growth in Q3 (eg NOW).
That would make it the first two-quarter recession since 1975
That's bad news, but it's also good news.
My @skynews analysis on today's GDP figures, and why none of the usual rules apply this time around: news.sky.com/story/coronavi…