The UK is in recession for the first time in 11 years

11 years
Anastasia Ivanova
3733802/02601
https://www.bbc.com/news/business-52986863

in the first quarter of 2020 (January to March), as

the economy began to feel the effects of lockdown. 
Figures for the second quarter (April to June) showed the steepest fall on record, of 20.4%, as the lockdown brought many areas of the economy to a complete standstill.

Official figures released on 12 August confirmed that the UK had entered a recession for the first time in 11 years.

can pay employees and shareholders more
The government receives more

money in taxes(so it can cut taxes or spend more on benefits, public services and government workers’ wages)

When the economy shrinks, all these things go into reverse.

harder to get promotions, or a pay rise.
Graduates and school

leavers could find it harder to get a first job.

However, the pain of a recession is typically not felt equally across society, and inequality can increase. 

For instance, many UK homeowners who kept their jobs during the last recession did OK. Mortgage interest payments for many fell considerably, leaving them with more spending money.

lasts for months or even years.
Gross Domestic Product (GDP) is

the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. 
Mortgage interest is the interest charged on a loan used to purchase a piece of property. Interest is calculated as a certain percentage of the full mortgage loan. Mortgage interest may be fixed or variable and is compounding.