UK economy shrinks at fastest pace since financial crisis

The UK economy shrank at the fastest pace since the financial crisis in the first quarter of 2020 as coronavirus forced the country into lockdown.

The Office for National Statistics said the economy contracted by 2% in the three months to March, following zero growth in the final quarter of 2019.

The UK’s dominant services sector suffered a record decline.

Analysts expect a bigger slump in the second quarter, before the economy starts to recover.