The economy has shrunk by 11.7 percent compared to pre-lockdown, despite recovering some ground since April, the latest ONS figures show. Between April and June, the economy hit a new record after it contracted by 20.4 percent. And nearly all sectors have seen declines, particularly those shut down because of coronavirus restrictions. In the hospitality sector, less than one in four businesses were trading between March and May.
However, there are some signs of recovery as retail sales have rise back above pre-pandemic levels.
The Eat Out to Help Out in August also helped give the economy a boost.
But public sector debt has now exceeded gross domestic product (GDP) for the first time since the early 1960s.
This is due to increased government spending, as well as reduced cash receipts and a fall in GDP.
Public sector net debt at the end of July 2020 went up to 100.5 percent of GDP.
Before July, debt had not exceeded GDP since March 1961.
The ONS also said that in cash terms, debt has passed £2 trillion for the first time.
FOLLOW BELOW FOR LIVE UPDATES FROM EXPRESS.CO.UK
8.06am update: FTSE 100 remains unchanged as it opens this morning
The pound at 8am was 1.2779 dollars compared to 1.2700 dollars at the previous close.
The euro at 8am was 0.9099 pounds compared to 0.9149 pounds at the previous close.