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Finance Minister Snak warned that the UK economy would face the first major contraction in some 300 years since 1709 due to the novel coronavirus pandemic. The unemployment rate is expected to rise to 7.5%.
In a spending plan announced on the 25th, Mr. Snak announced that he would invest a large amount of money promoting employment and supporting low-wage workers through new infrastructure projects. On the other hand, it has decided to reduce spending on salary increases and external support for officials, who point out that the “justification” is difficult.
“The UK public health emergency is not over yet. The economic emergency is just beginning,” he said. “For us, our immediate priority is to protect the lives and livelihoods of our citizens.”
| Key points of the spending plan announced by Finance Minister Snak |
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The UK government plans to issue a record £ 485.5bn in government bonds this fiscal year.
According to the British Office for Budget and Accountability (OBR), if trade negotiations with the European Union (EU) are unsuccessful, the already difficult British economy will get worse. Without a deal, peak unemployment will rise to 8.3% and the economy is not expected to recover to pre-Crown levels until 2023.
Worst since 1709
The virus-hit UK economy is projected to contract more than 11% this year
Source: Office of Budget Responsibility, Bank of England, Office for National Statistics
Original title:Sunak warns of 2.6 million unemployed in UK’s historic depression (1) （抜 粋）
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