Is it true that the UK has dipped into recession?

UK has virtually slipped into recession with the second consequent quarter of deep contraction in GDP. UK reported a GDP contraction of -20.4% for the June 2020 quarter after GDP had contracted in the Mar-20 quarter too.

This is the worst contraction reported by any European nation so far in the June quarter and hints at tremendous stress that the UK manufacturing and services economy is under. As per the traditional definition, UK is already into recession.

A stern warning has come from the UK Finance Minister, Rishi Sunak. He has cautioned that this kind of de-growth could result in huge job losses. In fact, if you look at H1 GDP for 2020, UK is down -22.1% on a YOY basis. Only Spain has done worse than that.