BRITAIN’S economy is on track for a sharp V-shaped recovery from the coronavirus pandemic, the Bank of England’s chief economist has said. Andy Haldane said the recovery in the UK and g…
BRITAIN'S economy is on track for a sharp V-shaped recovery from the coronavirus pandemic, the Bank of England's chief economist has said.
But he added there was the risk of a "vicious cycle" in the economy if unemployment proves to be higher than expected and warned against a return to the mass youth unemployment seen in the 1980s."Although these risks are in my view slightly more evenly balanced than in May, they remain skewed to the downside.
He said: "We’re waiting as if between the flash of lightning and the thunderclap with our hearts in our mouths for the full economic reverberations to appear."The PM declined to estimate how many jobs could be lost but warned that the post-pandemic crisis would be worse than the 2008 financial crash.
But he cautioned some of this may be down to pent-up demand, as well as the massive Government support for households and businesses through the scheme to furlough workers on 80 per cent pay.
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