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12th August 2020, 19:58

UK officially goes into recession; GBC looks at impact on Gibraltar with former CEO of FSC Marcus Killick 

The UK is officially in recession, for the first time in eleven years. According to the BBC, the economy shrank by over 20% between April and June, due to coronavirus lockdown measures. 

The economy has started to grow again, but GDP remains significantly below its level in February.

Chancellor Rishi Sunak has acknowledged that there will be job losses. He told the BBC that the government is "grappling with something that is unprecedented".It's the UK's deepest recession since records began, and the worst of any major global economy facing the pandemic, but how will it affect the Rock?

Shelina Assomull spoke to the CEO of Isolas and former CEO of the Financial Services Commission, Marcus Killick.