UK suffers record 9.9% slump; KPMG UK chair quits after ‘stop moaning’ comments –as it happened
UK GDP shrank by 9.9% last year amid Covid-19 lockdowns, the worst since modern records began, and only beaten by the Great Frost of 1709
- Latest: KPMG chair quits after telling staff to ‘stop moaning’
- Full story: Bill Michael: “I’m truly sorry”
Earlier:
- UK shrank 9.9% last year – “worst on record”
- But economy avoids double-dip recession with 1% growth in Q4
- UK grew 1.2% in December…. but probably shrinking again now
- BoE chief economist: economy is a coiled spring
Right, that’s all for this week – after a day in which the UK posted its worst annual slump in three centuries, but avoided sinking back into a double-dip recession.
Here are today’s main stories:
Related: UK economy hit by record slump in 2020 but double-dip recession avoided
Related: The UK may not be in a double-dip recession, but it will feel like it
Related: British families ready to spend billions, says Bank of England's Haldane
Related: KPMG's Bill Michael resigns after telling staff to 'stop moaning'
Related: Lastminute.com faces legal action unless it repays £1m holiday refunds
Related: Queen's property chief delays sale of Scottish seabed windfarm plots
Related: O2 fined £10.5m for customer overcharging over almost a decade
Related: Nigerians can bring claims against Shell in UK, supreme court rules
Rishi Sunak has chaired a meeting of finance ministers and central bank chiefs today, to discuss how to steer the world economy out of the coronavirus crisis.
In a statement, the Treasury says:
Chancellor Rishi Sunak set out his priorities for the year ahead which also include protecting jobs and supporting the global economic recovery, working to reach a global solution to the tax challenges created by digitalisation of the economy and providing necessary support for the world’s most vulnerable countries.
Making progress on reaching an international solution to the tax challenges of the digital economy was noted as a key priority. The UK underlined our commitment to this issue, and called on the G7 to work together towards reaching an enduring multilateral solution by the mid-2021 deadline agreed by the G20.
Chancellor @RishiSunak today chaired the first meeting of the UK's @G7 presidency with finance ministers & central bank governors.
The UK highlighted global recovery, supporting vulnerable countries, digital taxation & climate change as priorities for the group in the year ahead.
