UK economy suffers biggest loss in three hundred years in 2020.

Business activities severely damage by lockdowns. Some economists hopeful for improvement.

Muqeem Ahmad, UK

The UK economy lost 9.9% in 2020, the largest loss in three centuries. After Spain, the United Kingdom is the largest economy affected by the lockdown and its performance has been just as poor.

According to the Bank of England, British economy will shrink by another 4% in the first quarter of 2021 Buyers and industries face difficulties due to EU separation. Hospitality and tourism industry hit hardest by travel bans, hotel and restaurant closures.

The UK, on the other end, has provided more vaccines to citizens as compare to European countries. There has also been an increase in household savings, and some economists are hopeful that normal shopping and business will be restored after the end of lockdown. Activities will end the stagnation in the economy.

However, the Bank of England predicts that the economy will return to pre-coronavirus levels by early 2022.

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