And how did the coronavirus pandemic bring this about?

“Covid-19 necessitated strict restrictions around the world, with many countries experiencing full lockdowns,” says Vallin. “The uncertainty about the length of the pandemic coupled with measures to keep people from contracting the virus led to reduced consumption of goods and services as well as to reduced output.

“Unemployment around the world has already risen and we continue to witness business closures. Overall, looking at economies globally, we see significantly reduced business activity, lowered growth projections, and preparations to support large groups of individuals who will be facing harsh times ahead.”

However, Andy Barr, personal finance expert and co-founder of online price-tracking website Alertr, adds: “The UK was already close to a recession even before the coronavirus hit. It was really no surprise, but because it happened during the current pandemic economic analysts aren’t taking it as badly as they may have done if it were to happen before, or if there were to have been no pandemic.

“They expect the economy to bounce back, driven largely by a series of expenditure announcements by the Chancellor that will give the business community the confidence to hire again and, in turn, give consumers the confidence to spend money again.”

UK recession: how will it affect us, and what should we do to protect ourselves?