The UK economy shrank by the fastest pace since the financial crisis in 2008 in the first quarter of 2020 as coronavirus saw the country forced into lockdown.

The economy contracted by 2% in the first quarter of the year, after plunging 5.8% in March, the Office for National Statistics has said.

The first quarter fall was the worst since the end of 2008 at the height of the financial crisis, while the March monthly plunge marked a record tumble.

Jonathan Athow, deputy national statistician for economic statistics at the Office for National Statistics (ONS), said: ‘With the arrival of the pandemic, nearly every aspect of the economy was hit in March, dragging growth to a record monthly fall.

‘Services and construction saw record declines on the month with education, car sales and restaurants all falling substantially.

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‘Although very few industries saw growth, there were some that did, including IT support and the manufacture of pharmaceuticals, soaps and cleaning products.

‘The pandemic also hit trade globally, with UK imports and exports falling over the last couple of months, including a notable drop in imports from China.’

Speaking this morning, transport secretary Grant Shapps said everyone expected a hit to the economy and warned ‘there will be more to come’.

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