UK economy plunges into recession, Trump awards sixth vaccine contract

A file photo of US President, Donald Trump and UK Prime Minister, Borris Johnson

For the first time since 2008, the United Kingdom’s economy has plunged into a recession due to a 2020 second quarter shrink.

The country’s economy decline of a record 20.4% in Q2, followed a 2.% drop in Q1.

FILE – In this Tuesday, March 24, 2020 file photo, a woman wearing a face mask to protect against coronavirus, waits at a bus stop on a deserted Oxford Street in London. (AP Photo/Matt Dunham, File) The Associated Press

Echotitbits gathered Wednesday morning that the development signaled the deepest slump UK economy has since 1954.

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Elsewhere, United States President, Donald Trump on Tuesday announced a contract awarded to US biotech company, Moderna for the production of 100 million doses of “an eventual” coronavirus vaccine. The deal, which is the sixth since May, is worth $1.5 billion.

Coronavirus Vaccine PHOTO: Getty images

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At a White House news conference, President Trump said: “I’m pleased to announce that we have reached an agreement with Moderna to manufacture and deliver 100 million doses of their coronavirus vaccine candidate.

“The federal government will own these vaccine doses, we’re buying them”, he said.