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On 28 March, Fitch Ratings downgraded the UK's government debt rating from AA to AA−, because of coronavirus borrowing, economic decline, and lingering uncertainty over Brexit. The ratings agency believed the UK's government deficit for 2020 might equal 9% of gross domestic product (GDP), compared to 2% the previous year. [87]
It marks the first time the UK has entered recession since the first half of 2020, when the initial Covid-19 lockdown sent the economy plunging into reverse. ... when stripping out the pandemic ...
A landmark study revealed widespread corruption risks in UK government Covid contracts worth over £15 billion, accounting for nearly a third of pandemic-related spending. The investigation, conducted by Transparency International UK, found systemic issues such as lack of competition, opaque accounting, and conflicts of interest in over 135 ...
The COVID-19 recession was a global economic recession caused by COVID-19 lockdowns. The recession began in most countries in February 2020. After a year of global economic slowdown that saw stagnation of economic growth and consumer activity, the COVID-19 lockdowns and other precautions taken in early 2020 drove the global economy into crisis.
The UK economy is in a “horrible fiscal bind” as it heads for recession with no room to cut taxes or increase public spending to offer a boost, an influential group of economists has said.
Hunt said Thursday that low growth was to be expected due to high interest rates, which the Bank of England has taken to levels not seen in 26 years in order to tackle inflation. ... 2% target but ...
The Office for National Statistics said GDP rose by a weaker-than forecast 0.8% in the first quarter after a 0.1% contraction in March.
17 July – Leaked text messages exchanged between Welsh Government ministers during the COVID-19 pandemic are handed to the UK COVID-19 Inquiry. [74] 18 July – The first report in to the COVID-19 pandemic identifies significant flaws in the UK's pandemic planning strategy which led to a higher number of deaths and a greater economic cost ...