According to the Office for National Statistics data, Britain's economy slumped more than twice as fast as it had been forecasted in the second quarter, marking the biggest annual fall since comparable records began in 1955. 

UK’s GDP, thus, lost 0.8% during the quarter, taking the annual decline to 5.6%, against expected 0.3% decline after a hefty 2.4% drop in the first quarter.

The economy has now declined for five consecutive quarters with a cumulative decline of 5.7%. 

These digits, suggests recovery could take longer than it had been anticipated and may encourage expectations that the Bank of England could yet add more stimulus to the economy, as it has already reduced interest rates to a record low and embarked on a £125 billion quantitative easing program.

This decline seen in the recession of the early 1990s and not far off the 6.4% slump experienced in the recession of the early 1980s, experts consider. 

Moreover, services lost about 0.6%on the quarter and around 3.8% annually.