So it’s official – Britain is in recession.
Except that this is unlike any recession any of us have experienced.
It is the deepest recession in modern British history.
It is the deepest of any other leading industrialised economy (only Spain’s economy shrank by more in the first half of 2020).
Indeed, this is the deepest recession since the invention of gross domestic product as an economic concept back in the 1930s.
In one sense the fall is not surprising: we were in lockdown for most of the second quarter, so it was always likely that economic output would fall sharply during that period.
The lockdown began in the first quarter and intensified in the second, and given the standard definition of a recession is two successive quarters of contraction, it was plain a while back that we would face a recession.
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