A fairly bleak GDP print from the UK on 12 August, showing the economy is firmly in recession with a 20.4% drop for the second quarter. This is first recession in the UK since 2009. Output is back to levels last seen in 2003, which is no real surprise and this follows on from the gloomy jobs data in the UK, released on 11 August. Private consumption collapsed as the lockdown effects built, falling 23.1% quarter on quarter and business investment also plummeted, falling 31.4% over the quarter. The UK now has the unenviable moniker of being the worst performer in the G7 group of countries and perhaps this correlates with the handling of the coronavirus outbreak – either way sterling will remain a pretty unloved asset for the time being.