Chancellor: UK economy will get worse before it gets better

SourceSkyNews
SectorEconomy
CountryMiddle east

The chancellor has warned that there are tough times ahead for the UK economy as it struggles through a third national lockdown.In an update to MPs on Monday, Rishi Sunak said: "We should expect the economy to get worse before it gets better." Mr Sunak said restrictions placed on people and businesses were necessary to limit the spread of the coronavirus but that they would also have a "significant" economic impact.Last week the chancellor launched a £4.6bn support package for businesses and he has previously announced emergency help for the economy worth £280bn.The latter figure includes the job protection and furlough scheme which is to run until the end of April. Mr Sunak hinted that there would be no more support announced before the 3 March budget, saying: "The budget is the appropriate place to consider those [measures] given the scale of ...read more...