The United Kingdom’s economy is experiencing the worst downturn among European countries because of the government’s incompetent response to the coronavirus pandemic.
This is reported by Bloomberg.
In the second quarter of 2020, the British economy contracted by 20.4%. This is the largest figure in the history of observations, which began in 1955. Moreover, this decline is higher than in the U.S., which became the world leader in the spread of coronavirus.
This economic collapse is the result of Boris Johnson’s government delaying quarantine when the deadly virus was already raging in Europe.
“Long-lasting isolation in the second quarter due to the government’s slow reaction to the Covid-19 in March, followed by its inability to prevent the virus from spreading from hospitals, has resulted in an inefficient economy” , – said Samuel Tombs, chief economist at Pantheon Macroeconomics.
Local outbreaks of COVID-19 are still being recorded in the UK, raising concerns about new quarantine measures. The situation is also worsening with the fact that the government program to support workers will soon be terminated, and British business will face higher tariffs if London fails to conclude a trade deal with the EU by the end of the year.