What does the recession mean and how does it compare to the 2008 financial crisis?
Last week, it was announced that the economy shrank by 20.4% between April and June compared with the first three months of the year. The decline caused by the COVID-19 pandemic officially pushed the UK into recession, the first time the UK has been in recession since 2009. A recession is defined as two successive quarters of decline in gross domestic product (GDP).