UK’s economy slumps to 40-year low in Q1

The UK’s economy witnessed the steepest drop since 1979 during the first quarter of 2020 as household spending collapsed to record levels, according to official data.

The country’s gross domestic product (GDP) declined by 2.2% during the January-March period, according to the Office for National Statistics (ONS).

The balance of payments deficit widened to GBP 21.1 billion ($25.9 billion) in the first three months of 2020.

The British Prime Minister Boris Johnson announced his plan to accelerate economic recovery through investing GBP 5 billion in infrastructure.