The UK's finance minister announced another £30 billion ($37.6 billion) coronavirus stimulus package of tax breaks, restaurant discounts and jobs programs designed to bolster employment as the government prepares to withdraw wage subsidies in October.
Speaking in parliament on Wednesday, Sunak said that significant job losses are the most"urgent challenge" the UK economy faces, as he announced a package of tax breaks, restaurant discounts and jobs programs designed to bolster employment as the government prepares to withdraw wage subsidies in October.The coronavirus pandemic has plunged Britain into its worst recession in 300 years, with the economy on track to shrink by 14% this year, according to the Bank of England.
The unemployment rate has so far remained low, but it could soar to nearly 15% in the fourth quarter if there is a second coronavirus outbreak, according to the Organization for Economic Cooperation and Development. Even without an additional outbreak, the jobless rate is expected to be nearly 10% at year end, the Paris-based agency said earlier this month.
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