U.K. Economy Won’t Make Up Lost Ground Until End of 2021

LONDON—The Financial institution of England said the U.K. overall economy will choose until finally the

LONDON—The Financial institution of England said the U.K. overall economy will choose until finally the finish of 2021 to make up the ground dropped in the course of the pandemic, immediately after struggling what it estimates was the steepest second-quarter tumble in output amid loaded international locations.

Officials estimate the overall economy shrunk by all-around twenty% between April and June as a nationwide lockdown to contain the coronavirus came into force. That compares with estimates of 9.5% for the U.S. and 12% for the eurozone, highlighting the scale of the U.K.’s financial hit.