The UK economy has suffered its worst economic performance since mini ice age over 300 years ago when River Thames froze. The UK's Office for National Statistics reported that economy was around 25 per cent smaller in April than it was in February. Bank of England governor, Andrew Bailey, acknowledged there was 20.4 per cent drop in GDP in April alone. He called this " dramatic and big number". He was positive about future and said there were "signs of economy now beginning to come back to life". Much of the UK economy shut down in bid to curb the spread of the coronavirus. The UK has seen the biggest economic collapse among world's developed economies.
The United Kingdom's economy has seen nearly 20 years' worth of growth wiped out because of coronavirus lockdown measures. This week, people are being encouraged to go shopping again as many stores have reopened. Many shoppers remain wary about venturing out to shops or commuting, as number of daily deaths is still around 200. Talking about economic collapse, Mr Bailey said: "It's not surprising. economy clearly closed out substantially at end of March into April. The big question is what happens next." The UK's 'Guardian' newspaper was pessimistic about recovery. It wrote: "Britain's economy has fallen off cliff. It will be long climb back."
