Britain is heading towards a recessionBritain is heading towards a recession

Britain is heading towards a recession. British Finance Minister Altar announced that the British economy is moving towards a serious recession. In an interview with the British broadcasting agency BBC, British Finance Minister Rishi Sunak reminded that Britain decided to quarantine on March 23 due to the coronavirus outbreak. "A few days in March caused the British economy to shrink in the first quarter. Britain is likely to face a serious recession this year," Rishi Altar said in a statement. According to data from the Office for National Statistics(ONS), the country's economy contracted by 2 percent in the first quarter of this year, after a pause (0 percent) in the last quarter of last year. Accordingly, the country's economy has experienced its toughest contraction on a quarterly basis since the global economic-financial crisis in 2008. The British economy contracted by 5.8 percent in March when quarantine measures were taken as part of the fight against coronavirus. The Bank of England (BoE) said last week that the coronavirus pandemic is expected to cause a contraction of up to 25 percent in the country's economy in the second quarter of the year. According to the bank's projections, a 14 percent contraction in the British economy may be seen this year.