UK chancellor warns country will suffer deepest recession in 300 years
- The United Kingdom might be in for a hard time as the nation's economy is under serious pressure
- Chancellor Rishi Sunak warned that the country is facing its worst economic drop
-The UK is among the list of countries that are experiencing a recession in 2020
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Following the United Kingdom's plunge into economic recession, the Chancellor of the Exchequer Rishi Sunak, has said that the country's economy is heading for the worst drop in 300 years.
Sunak speaking at the House of Commons explained that this due to the coronavirus pandemic, Bloomberg reports.
According to him, this will be the UK's worst recession for 300 years since the Great Frost of 1709.
The chancellor who expressed fears that the effects will last until 2024 added that 2.6 million will be out of jobs as the unemployment rate will hit 7.5%.
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The Office for Budget Responsibility (OBR) expects the number of unemployed people to rise by the middle of 2021.
While noting that the economic emergency caused by coronavirus has only just begun, Sunak warned the pandemic would have lasting damage to growth as well as jobs.
The country's economy is expected to shrink by 11.3% this year and not return to its pre-crisis size until the end of 2022.
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Earlier, Legit.ng reported that the United Kingdom (UK) has been plunged into economic recession due to the harsh commercial effects of the coronavirus pandemic.
According to a statement by the UK's Office for National Statistics (ONS), the country faced its worst Gross domestic Product (GDP) contraction in 11 years especially between April and June 2020.
In figures, the ONS reported that the nation's economy shrank by 20.4% following the closure of shops, factories and many construction establishments resulting in the loss of jobs for many citizens.
In a related development, Zainab Ahmed, minister of finance, budget, and national planning, stated that Nigeria is outperforming the economies of many countries around the world despite being in recession.
The minister made its disclosure on Monday, November 23, while speaking at the opening of the 26th edition of the Nigerian Economy Summit (#NES26).
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Source: Legit.ng
