Britain has plunged into its deepest recession for more than 100 years, dire economic figures are set to reveal this week. They are expected to show our economy shrank by a staggering 21 per cent in the April to June in lockdown. The three-month fall will be the year’s second consecutive quarterly period of negative growth – which is technically a full-blown recession. The revelation comes during a tidal wave of job losses led by high street store closures amid warnings that four million could be on the dole by the end of the year. The alarming figures will also increase pressure on Chancellor Rishi Sunak to extend his job retention scheme beyond October. The respected Resolution Foundation think tank – which aims to improve standards of living for low and middle income families – says the scale of the nosedive will be like nothing in living memory. Director James Smith said: “The figures will demonstrate the speed and depth of the economic hit. The outlook is incredibly bleak.” The Foundation wants the taxpayer-funded furlough scheme, which has protected more than nine million jobs, to be continued for hardest hit sectors. Mr Smith added: “Mr Sunak is gambling with people’s… Read full this story
- Coronavirus may be impossible to contain as rescued Brits face 14 days in quarantine
- Thursday evening UK news briefing: No 10 accused of blackmailing rebel Tory MPs
- Bitcoin faces Russian ban as crypto mining fuels energy crisis
- Livid pensioners tell Boris to 'look for new job' after state pension triple lock decision
- Boris Johnson to make Covid Plan B announcement TODAY as PM eyes lifting rules
UK heading 'into worst recession in a century' as four million Brits face dole have 261 words, post on www.mirror.co.uk at August 8, 2020. This is cached page on Vietnam Colors. If you want remove this page, please contact us.