Britain's economy : Covid-19 hits Hardest in 300 years to travel and manufacturing

Covid-19 hits Britain's economy hardest in 300 years, hitting travel and manufacturing

The Coronavirus epidemic caused Britain's economy to face its biggest decline in more than 300 years in 2020. Britain's economy contracted by 9.9% last year. The epidemic closed shops and restaurants in Britain. In addition, the epidemic devastated the travel industry and manufacturing.

The National Statistics Office said on Friday that the economic downturn in 2020 was more than double that of the 2009 global financial crisis. The decline is the largest since 1709, when, known as the Great Frost, the historic cold snap, Britain was a predominantly agrarian economy at the time.

Rishi Sunke, Britain's finance minister, said in a statement: "Today's figures show that the economy has been hit hard by the epidemic, which has hit countries around the world." Although there have been some positive signs of resilience to the economy during the winter, we know that the current lockdown is having a significant impact on many people and businesses.

Sunke said he will announce new plans to secure jobs in the annual budget speech. He will address the budget in the House of Commons on March 3. Covid-19 has hit Britain's economy harder than most other industrial democracies. In 2020, France's gross domestic product (GDP) will shrink by 8.3%, Germany's economy by 5%, and US GDP by 3.5%.