Cheltenham: 01242 260066 | Bristol: 0117 933 5710 | Email accountants@mitchells.org

UK economy set to experience 'deepest recession in living memory'

06 May 2020

The UK economy is set to experience the 'deepest recession in living memory', according to a survey carried out by IHS Markit.

The survey suggested that UK GDP could decrease at a quarterly rate of 7%. However, IHS Markit stated that the actual decline in GDP 'could be even greater'.

Nearly 79% of businesses that provide services, such as hairdressers and restaurants, said that they have seen business activity fall as a result of the coronavirus (COVID-19) lockdown. 

'The data highlights that the downturn in the UK economy during the second quarter of 2020 will be far deeper and more widespread than anything seen in living memory,' said Tim Moore, Economics Director at IHS Markit.

'The April survey reading is consistent with the economy falling at a quarterly rate of approximately 7%, but we expect the actual decline in GDP could be even greater, in part because the PMI excludes the vast majority of the self-employed and the retail sector.'

Try a site search Tax returns, budget, pension, rates and allowances...

Contact details

Cheltenham Office: 01242 260066
Bristol Office: 0117 933 5710

Company Registration No: 4161638
Company Registered in England and Wales.
Company details
Mitchell Glanville Limited
Registered Address: 41 Rodney Road, Cheltenham, Gloucestershire GL50 1HX

Bristol Office: The Garden Suite, 23 Westfield Park, Redland, Bristol BS6 6LT
Mitchell Glanville Limited regulated by the Institute of Chartered Accountants in England and Wales
Mitchell Glanville (Bristol) Limited regulated by the Association of Chartered Certified Accountants

© 2020 Mitchells Chartered Accountants. All rights reserved. We use cookies on this website, you can find more information about cookies here.