British Economy Shrinks By Most In 300 Years Thanks To COVID, Chancellor Warns

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Boris Johnson, the former mayor of London, arrives in 10 Downing Street for a meeting with Theresa May, U.K. prime minister in London, U.K., on Wednesday, July 13, 2016. May became the U.K.'s second female prime minister and has promised to take Britain out of the European Union. Photographer: Chris Ratcliffe/Bloomberg

With global stocks on track to clinch their strongest monthly performance in modern history, Sunak warned that the British economy is set to contract by by more than 11% in 2020, the biggest annual contraction in 300 years – a period that has included at least one other global pandemic, and many, many wars.

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