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Wednesday, 25 November 2020

The UK will enter its worst economic instability for 300 years

The UK is on the verge of falling into its worst economic crisis in 300 years, according to senior economist Rishi Sunak.

It is only now that the effects of the cholera epidemic on the country's economy will be seen, he said, warning that the epidemic will leave a lasting impression.

The UK economy is expected to shrink by 11.3 per cent this year and will not return to normal before the pandemic by the end of 2022.

Government debt will increase by a much higher proportion since the war-torn period.

The Office for Budget Responsibility (OBR) estimates that the unemployment rate will rise to 2.6 million by mid-2021.

That means unemployment will reach 7.5 percent, the highest figure since the 2009 economic crisis.

However, jobs are expected to be lower than previously thought.

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