The latest lockdown could push the economy into a steeper recession
The pandemic continues to be one major issue in the UK, especially after a new strain of COVID-19 was discovered there. After what proved to be two unsuccessful lockdowns, Prime Minister Boris Johnson and Home Secretary Priti Patel announced a third pandemic-related lockdown. Despite his early optimism about the country going back to normal in April, Johnson now says it’s not the case, even though the vaccination program expanded to reach 15 million people by mid-February.
No exact date has been mentioned for when the latest lockdown will be over, but UK’s PM did not rule out the summer, given that the latest COVID-19 strain is “much more contagious.”
Lockdown’s effects are already starting to show, experts pointing to a possible recession after the economy suffered the most significant contraction in three decades – more than 2% - as shops, restaurants, schools, and clubs are closed.
Following the news, UK100 was down over 0.30%. TUI was the biggest decliner with more than 10% followed by Occidental -6.40%, and Saga -5.20%
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Sources: Bloomberg.com, finance.yahoo.com
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