The United Kingdom's (UK) economy has plunged into it worst resection in close to three centuries, the Chancellor of the Exchequer Rishi Sunak, has said.

Sunak told House of Commons on Wednesday, that this was due to the coronavirus pandemic, Bloomberg reports

According to him, this will be the UK's worst resection since 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%.

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.


Source: https://insidenaija.com.ng/uk-plunges-into-worst-recession-in-300-years/

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