Britain has officially entered into recession in the wake of the coronavirus pandemic.
The Office for National Statistics has said the economy contracted by a record 20.4% between April and June following the outbreak of the deadly virus.
Recessions generally occur when there is a widespread drop in spending after a general decline in economic activity.
In May, the Bank of England warned the UK could face the deepest recession on record as a result of the pandemic.
The UK's central bank published its quarterly Monetary Policy Report alongside an interim Financial Stability report.
Both reports provide a scenario for the path of the UK economy in the wake of the pandemic while assessing the financial system's resilience to that scenario.
The economy shrunk by 2.9% in the first quarter of 2020, followed by a 25% shrink in the spring, in the three months to June.
It was also warned unemployment could more than double.
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In Liverpool, unemployment is rising rapidly, with almost 37,000 new Universal Credit claims across the six boroughs in the city region in April - a 41% rise in people on the benefit.
It may take 18 months and “a lot of firms to go down” before Liverpool’s economy recovers from the coronavirus crisis, one of the city’s top professors warned.
Professor Michael Parkinson described the Covid-19 pandemic as the equivalent of the 2008 crash, the 1918 Spanish Flu and 9/11 “rolled into one”.
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