Tuesday, October 27, 2020
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Britain could face the worst recession in 300 years if the coronavirus lockdown lasts until the summer

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Britain could face the worst recession in 300 years if the coronavirus lockdown lasts until the summer, it is feared.The Chancellor warned of “tough times to come” for Brits amid fears more than two million people could lose their jobs and the economy may fall off a cliff edge because of the coronavirus lockdown.The Office for Budget Responsibility (OBR) said unemployment could hit 3.4 million – up from 1.3 million – leaving around one in 10 of the working population without a job, while the economy may shrink by 35% between April and June.According to reports today, such a drop would put the UK on course for the biggest annual decline in the economy since the South Sea Bubble crisis of 1720.Elsewhere, the International Monetary Fund [IMF] projected that the global economy would suffer its worst year since the Great Depression in the 1930s, shrinking by an estimated 3%.

Rishi Sunak emphasised it was just one possible scenario. He said not every business or household could be protected, but that a “bounceback in growth” was expected when the crisis eases.

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Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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