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England braces for ‘worst recession’ in over 300 years
Date November 27, 2020 at 09:03
Many European countries have not escaped the karma of the new outbreak. Some economies are experiencing the worst.
The Xinhua News Agency reported that Britain’s Finance Minister Harisri Sunak predicted that the UK economy would contract by 11.3 percent in 2020, the worst recession in more than 300 years. Caused by the epidemic of the new coronavirus disease (COVID-19).
Sunak told UK lawmakers that the Office of the Budget (OBR) expects the economy to not recover to pre-epidemic levels until the end of 2022.
The minister hopes that the pandemic will have an impact. “For a long time” with reference to office statistics The unemployment rate is expected to reach 7.5 percent or 2.6 million people lost their jobs in the second quarter of 2021.
“An economic emergency has just begun,” Sunak warned. It also revealed the first spending tracking report after the coronavirus crisis. The report says that the UK government has spent £ 2.8bn to tackle the COVID-19 crisis and plans to spend another £ 50bn (about 2.23 trillion baht). To fight the pandemic next year
Meanwhile, the UK public debt will be £ 3.94 billion (approximately £ 15.98 trillion) in fiscal 2020/21, equivalent to 19 percent of the country’s gross product or GDP.
Stimulate growth and support employment. Sunak expects that by 2021 the UK will have to spend £ 100bn (around £ 4.05bn) on infrastructure investment.In addition, the UK will establish a new infrastructure bank. It will be based in the north of England. He is in charge of coordinating with the private sector to raise funds for the implementation of new investment projects throughout the country.
Sunak on the economic impact of the COVID-19 crisis The number of deaths from COVID-19 reached its highest level since May 12, and official statistics show that the number of deaths from COVID-19: 19 On Tuesday, an increase from 608 to 55,838.
Photo by Tolga Akmen / AFP
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