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World

26. 11. 2020. 00:00   >>  19:54 0

SUNAK ADMITS

The British economy is in a state of emergency

The "economic emergency" caused by Covid-19 has only just begun, according to chancellor Rishi Sunak, as he warned the pandemic would deal lasting damage to growth and jobs.

Official forecasts now predict the biggest economic decline in 300 years.

He said, the UK economy is expected to shrink by 11.3% this year and not return to its pre-crisis size until the end of 2022., BBC reports. 

Next yearthe growth should be 5.5 %, and in 2022 it should be 6.6 %.

However, it will be necessary to wait until the end of 2022 for the economy to return to the level before the health crisis.

"Our health emergency is not yet over. And our economic emergency has only just begun.So, our priority is to protect life and living standards,"Sunak said, warning that the damage to the economy would last.

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