Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Russian Federation Council approves joint military cooperation agreement with Cuba
Al-Nunu: Today, the lists of prisoners required to be released, the agreed-upon criteria and numbers, were exchanged
Al-Nunu from Sharm el-Sheikh: Negotiations focused on mechanisms for implementing an end to the war, the withdrawal of occupation forces from the Gaza Strip, and the exchange of prisoners
Al-Nunu from Sharm el-Sheikh: Mediators are making great efforts to remove any obstacles in the way of implementing the ceasefire, and a sense of optimism now prevails among all parties
Taher al-Nunu, advisor to the head of Hamas' political bureau: The Hamas delegation presented the positivity and responsibility necessary to achieve progress and complete the agreement
Israeli foreign ministry: The vessels and the passengers are transferred to an Israeli port, and the passengers are expected to be deported promptly.
Sumud Flotilla: Addameer vessel attacked by an Israeli military helicopter with 93 journalists, doctors and activists on board
Freedom Flotilla Coalition: The Addameer Vessel was seized by the Israeli Navy
Israeli ministry of foreign affairs says ships and passengers of the Freedom Flotilla will be transferred to an Israeli port and deported immediately
Freedom Flotilla Coalition: 3 ships attacked and illegally intercepted by Israeli occupation.

UK economy faced largest drop in 300 years amid recession scare

  • By Al Mayadeen English
  • Source: Agencies
  • 23 Aug 2022 11:20
2 Min Read

The British economy shrank by 11% in 2020, its largest drop in 300 years, revised data from the UK Office for National Statistics (ONS) reveal.

  • x
  • ONS Building (Wales Online)
    ONS Building (Wales Online)

The UK economy witnessed in 2020 an 11% drop, the biggest since the Office for National Statistics (ONS) began keeping records and the UK’s largest GDP slump since 1709, the year of the ‘Great Frost,’ when the country’s economy shrank by 13.4%, according to historical data provided by the Bank of England.

The downward spiral was triggered by new data showing the effect the COVID-19 pandemic had on healthcare and individual retailers, and forcing the Bank of England to raise its interest rate from 1.25 percent to 1.75 percent. 

ONS analyst Craig McLaren explained: “The health service faced higher costs than we initially estimated, meaning its overall contribution to the economy was lower,”, adding that retailers also faced higher costs, which prompted statisticians to go over their contribution to the economy.

Related News

Russian economy grows 1% in January–August, inflation at 8%

German economy in crisis after years of stagnation: Reiche

Last year, the British economy largely returned to its pre-pandemic levels. However, since the start of this year, it has been increasingly battered by rising inflation, which has reached its highest since 1982, and analysts now fear the country could tip into a recession by the end of the year.

The GDP in Britain dropped by 0.1% between April and June. In the previous quarter, the UK GDP witnessed a rise of 0.8%. It is worth noting that the ONS also stated that in June, the UK economy fell by 0.6%. A recession is marked by a GDP fall in two consecutive quarters. 

Christopher Dembik, head of macro analysis at Saxo Bank, said that “What Brexit has not done by itself, Brexit coupled with Covid and high inflation have succeeded in doing,” adding that “The UK economy is crushed.”

The ONS is due to publish its updated growth figures for 2021 and the first half of 2022 in September. The agency routinely updates its GDP estimates when it obtains more data.

  • economy
  • Bank of England
  • UK
  • Recession

Most Read

Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
ap

'Israel' pays influencers $7K per post to whitewash Gaza genocide

  • Politics
  • 1 Oct 2025
Mossad’s secret role in Aldo Moro’s 1978 murder revealed

Mossad’s secret role in Aldo Moro’s 1978 murder exposed

  • Politics
  • 5 Oct 2025

Coverage

All
War on Gaza

Read Next

All
In this May 20, 20201, photo Marine Gen. Frank McKenzie, the head of US Central Command, arrives in Baghdad, Iraq (AP)
Politics

US spent $33 billion on post-Oct.7 genocide, wars, Brown Uni reports

Speaker of the House Mike Johnson, R-La., holds a news conference to mark the seventh day of the government shutdown, at the Capitol in Washington, Tuesday, Oct. 7, 2025. (AP)
Politics

US troops face unpaid wages as government shutdown drags on

Mourners wave Hezbollah and a Palestinian flag during the funeral of Hezbollah former leader Sayyed Hassan Nasrallah and his successor Sayyed Hashem Safieddine in the Sports City Stadium in Beirut, Lebanon, Sunday, February 23, 2025 (AP)
Politics

Hezbollah voices support for Gaza, Resistance on October 7 anniversary

Al-Aqsa Flood restored Palestinian cause on the global stage: Hamas
Politics

Al-Aqsa Flood restored Palestinian cause on the global stage: Hamas

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS