Sharp GDP fall following lockdown restrictions in November suggests UK is in midst of double-dip recession 15 January 2021 Commenting on the latest ONS GDP data for November 2020, which showed that the economic shrank by 2.6 per cent as England entered its second lockdown, leaving the economy 8.5 per cent below its pre-pandemic level, James Smith, Research Director of the Resolution Foundation, said: “The sharp GDP fall in November as England entered its second national lockdown suggests that the UK is in the midst of a double dip recession as it starts the year with even stricter restrictions. “But while the economic story today is of only the second-ever double dip recession on record, the story of the year will be a vaccine-driven bounce back in economic activity for sectors like hospitality and leisure. “The Chancellor must do everything he can to support that recovery once public health restrictions ease.”
