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

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.

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.

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.