The UK’s gross domestic product (GDP) plummeted 20.4% month on month in the second quarter and 21.7% year-on-year, the largest quarterly decline since the statistics office recorded it in 1955. On August 12, the ons released economic data for the second quarter of this year. According to the data, the UK’s gross domestic product (GDP) plummeted by 20.4% month on month and 21.7% year-on-year in the second quarter, the largest quarterly decline since the statistics office recorded it in 1955. As of August 14, according to the data from Johns Hopkins University, the total number of confirmed cases in the UK has exceeded 310000, and the cumulative death rate has exceeded 40000. Sanjay rajah, an analyst at Deutsche Bank, said the UK economy faced “substantial downside risks”, including more local “closure” measures, slowing external economic growth, “brexit” uncertainty and rising unemployment. In the first quarter of this year, British GDP fell by 2.2%, which is generally regarded as a technical recession for two consecutive quarters. The last recession of the UK economy was in 2009, that is, after the outbreak of the global financial crisis. According to ons, there were record quarterly declines in services, production and construction in the UK in the second quarter, particularly in sectors most vulnerable to government restrictions. In the UK, private consumption accounted for more than 70% of GDP expenditure in the second quarter of 2020, a decrease of 23.1%, and a significant decrease in total capital formation and government consumption. < p > < p > the UK economy has been hit harder than any other major European country, according to a report by Bloomberg. GDP of Germany, France, Spain, Italy and Portugal shrank by 10.1%, 13.8%, 18.5%, 12.4% and 14.1%, respectively. < / P > < p > in fact, before the outbreak of the epidemic, the British economy had been sluggish, mainly due to the uncertainty of “brexit” and the parliamentary election in December last year, which dragged down business investment and consumer spending. In March this year, the British government announced an unprecedented 350 billion pound financial rescue plan, which aims to “support employment, income and enterprises” and alleviate the impact of the epidemic on the economy. At the end of July, the British government continued to expand the epidemic relief plan to help small businesses on the verge of collapse, so that more small businesses could be eligible for loans of up to 5 million pounds. By the end of June, more than 50000 companies had received loans of more than 11 billion pounds. < p > < p > < p > The Guardian reported that the British government is trying to strike a balance between relaxing the “closure” measures and stimulating economic growth. After four months of strict epidemic prevention and control, more and more enterprises are under financial pressure and job losses are becoming increasingly serious. This year, the OECD forecasts that the euro zone will decline by 11.5%, P < 0.05. The Bank of England predicted that the British economy would shrink by 9.5% this year without a second outbreak and a free trade agreement between Britain and Europe, and it would not return to its pre epidemic level until at least the end of 2021. On August 11, ons released the UK employment data. Affected by the epidemic, the number of unemployed in the UK has reached 730000 since March, the highest since the financial crisis in 2009. Among them, the number of unemployed increased by 74000 in June and 114000 in July. According to Jonathan athow, an ons statistician, the youngest and oldest workers, as well as those in low skilled jobs, saw the biggest drop in employment. In order to stabilize employment, the British government implemented the "vacation fund subsidy scheme" at the beginning of the outbreak, and a large number of employees who stayed at home for "vacation" were still classified as having jobs. Under the scheme, the government will pay 80% of the wages of some 8.4m UK employees, up to 2500 a month. The original plan lasted until the end of July. On May 12, British Chancellor of the exchequer, rich sunak, announced that the plan would be extended to October this year. Ruth Gregory, a British economist, said it was still "calm before the storm" and that once the scheme ended in October, the more severe unemployment situation would emerge. In addition to the employment issue, the UK and the EU have conducted several rounds of trade agreement negotiations and made good progress in several areas, but there are still differences on "several major issues". < / P > < p > at present, the two difficulties lie in the access of British fishery waters and the EU’s requirement that the UK comply with EU standards in terms of state aid, labor and environment, so as to ensure that Britain will not weaken the EU’s single market with inferior commodities. On the afternoon of August 13, Beijing time, David Frost, chief representative of brexit negotiations, tweeted that he would go to Brussels next week for the seventh round of “brexit” agreement negotiations with the European Union. The British side assessed that the two sides could reach an agreement in September. In addition, the UK has recently been negotiating with Japan, the United States and other countries, hoping to strengthen bilateral economic and trade exchanges in the “post brexit era”. But according to Sky News on August 11, the two sides have reached an impasse over Japan’s tariff on cheese imported from Britain.