Pandemic causes UK economy to suffer record annual slump

The UK's economy shrunk faster than at any point in 100 years in 2020, as gross domestic product (GDP) dropped by 9.9%, according to new data from the Office for National Statistics. "Today's figures show last year our economy experienced a significant shock" said Chancellor Rishi Sunak. He added that despite "some signs of resilience over winter, what's clear is right now many families and businesses are experiencing hardship". The Chancellor said he will set out the "next stage" of his "economic response" at the budget in early March.