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The Chancellor is also said to be considering freezing public sector salaries, although NHS workers may be exempted and freeze benefits. The British economy contracted 20.4 percent between April and June when COVID-19 forced the country to shut down.
This was added to an economic reduction of 2.2 percent in the first three months of the year.
As COVID-19 cases rise again, new restrictions have been imposed on around 20 percent of the population, while fears of a second national shutdown are renewed.
According to the Mail on Sunday, Mr. Sunak is examining a public sector pay and benefits freeze to help reduce damage.
The newspaper reports that it is also trying to persuade Boris Johnson to end “triple lockdown” protection on pensions.
Rishi Sunak is considering ending triple lockdown on pensions (Image: GETTY)
Freezes on public sector wages and benefits are also being considered. (Image: GETTY)
Under the triple lock, pensions increase each year in line with average earnings growth, average price growth, or 2.5 percent, whichever is higher.
With unemployment expected to skyrocket as the coronavirus leave plan is canceled, there are fears this is no longer affordable.
By one estimate, the number of unemployed could rise to 4.5 million in 2021.
However, ending the triple lockdown on pensions would be a clear violation of the Conservative Party’s 2019 electoral manifesto.
READ MORE: Coronavirus Update: What is a ‘Circuit Breaker’ Lockout?
Unemployment could skyrocket to 4.5 million in 2021 (Image: GETTY)
Speaking to the Mail on Sunday, a minister said: “Rishi has been absolutely adamant in private that he will have to be able to balance the books after all of this is finally over.
“Hospitals and schools will be protected, but something has to give somewhere.”
As of September 28, it will be illegal for people not to isolate themselves if they are diagnosed with coronavirus, or are traced as a contact for someone who is, in England.
Those who violate this law will be fined £ 1,000, increasing for each offense up to a maximum of £ 10,000.
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A pensioner greets her grandson through a window (Image: GETTY)
The triple lockdown of pensions was a compromise of the conservative manifesto (Image: GETTY)
However, one-time payments of £ 500 will be provided for those who need to isolate themselves and cannot continue to work from home.
The number of diagnosed coronavirus cases has risen over the past week.
Another 4,422 cases were reported Saturday along with 27 deaths.
Johnson said: “So no one underestimates how important this is, the new regulations will mean that you are legally bound to do so if you have the virus or if the NHS Test and Trace has asked you to.
“People who choose to ignore the rules will face significant fines.
“We need to do everything we can to control the spread of this virus, to prevent the most vulnerable people from becoming infected, and to protect the NHS and save lives.”
The death rate from coronavirus is dramatically higher for the elderly than for the young.
Police clashed with anti-blockade protesters in Trafalgar Square on Saturday (Image: GETTY)
New COVID-19 restrictions have been imposed on 13.5 million people, one in five of the population, across the UK.
The affected areas include the North West of England, the Midlands and West Yorkshire.
It is feared that additional national restrictions will be required if new measures, including a ban on socializing in groups of more than six in England, fail to control the virus.
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