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The Of­fice for Na­tional Sta­tis­tics says that the UK has fallen into a “record­break­ing” re­ces­sion (when the econ­omy shrinks). Economists use the Gross Do­mes­tic Prod­uct (GDP) to work out how well a coun­try’s econ­omy is do­ing, which is ba­si­cally the to­tal value of ev­ery­thing that coun­try pro­duces. In the last three months, the UK’s GDP fell by 20%, the big­gest drop ever. Chan­cel­lor Rishi Su­nak said: “Hard times are here.”

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