ONS reveals shocking monthly fall in UK GDP figures for April

THE Office of National Statistics has published the latest GDP statistics which have shown a monthly fall in the UK's GDP of more than 30 times the average.

Commenting on the statistics for April 2020, published today (12 June) by the ONS, Head of Economics for the British Chambers of Commerce, Suren Thiru, said: “With a monthly fall in UK GDP over thirty times the average month on month decline during the global financial crisis, the economic impact of Coronavirus has been put into sharp relief.

“With lockdown restrictions gradually easing and shops beginning to reopen, April is likely to prove to be the low point for the UK economy. However, any prospect of a ‘V-shaped’ recovery remains unlikely, with many sectors continuing to operate at reduced capacity.

"Some firms, including those in our hospitality, leisure and tourism industries, may remain closed for some time and will require flexible and open-ended government support to weather the economic storm.

“Over the coming months, further action will be needed to limit the long-term economic damage and kickstart a recovery, including closeing gaps in government support and providing incentives to help stimulate consumer demand and business investment. Establishing air bridges between countries with low infection rates would provide a much-needed boost to key parts of the UK economy.”