BREAKING: 1,000,000 people could lose jobs this year as unemployment hits 7.5%
Up to 1 million Britons could lose their jobs by the end of 2020, according to current unemployment predictions
The downturn of the British economy may not be as severe as previously feared but it could take even longer to recover. The Bank of England estimates that the economy will shrink by about 9.5% this year due to the coronavirus pandemic – less than the previous estimate of 14%. It also cautioned that it does not expect the economy to jump back to pre-virus levels until at least ‘the end of 2021’, according to its latest Monetary Policy Report.
However, unemployment will jump from the current rate of 3.9% to 7.5% by the end of this year, before slowly declining from the start of next year, added the BoE.
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