Sure the US economy is suffering but hey, we’re in good company! The UK has suffered more than any other European country, sparking worries about how Brexit will play out on the already shaky ground.
Output in the UK plunged 20.4% and pushed the nation into the first recession since 2009. There are some signs of recovery with good output numbers in June but spending and employment markers are still bleak for this time of year.
Analysts are not only worried about the effects of Brexit but also about a possible second wave of COVID coming in the fall. They blame the hard hit on the UK on the country’s late response to global shutdowns. The central bank is issuing warnings of economic “scarring.” Is there a salve for that?