@rollandthomas produced a neat article explaining that England and the UK are in a financial recession. To me, the definition of a recession is at least 2 quarters of economic downturn. Which as a result of COVID and the lockdowns, this has now happened. In 2008 we saw 5 quarters of economic downturn, the worst quarter of which we say a -2.1% on GDP. In Q2 of 2020, we have seen a WHOPPING -20.1% GDP. I am the only one seeing alarm bells here??? Economically speaking, this recession is almost 10x worse than in 2008?!?! Is this going to get even worse with a potential 2nd spike during the winter. Will this lead to more job losses. Furlough to end in October too!
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