HomePoliticsBrexit"The UK Is In A Potential Economic Crisis" - Chancellor Rishi Sunak

“The UK Is In A Potential Economic Crisis” – Chancellor Rishi Sunak

However, Mr Sunak is not completely discouraged by the current struggle facing the economy as the Chancellor added that by providing businesses with monetary assistance through the job retention scheme,

After being under mandatory lockdown for over 2 months now, UK government officials have confirmed that the economy is experiencing its worst crisis in almost 300 years. Due to the coronavirus pandemic, the UK’s economy had shrunken down by 2%, this is what economists such as Ruth Gregory said, back in March.

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Chancellor of the Exchequer, Rishi Sunak voiced his concerns for the plummeting economy when first addressing the pressure there was to continue providing taxpayer support towards people who have been unable to work under the strict lockdown measures.

This is what nearly prompted Mr Sunak to decide on potentially compromising the already limited governmental funds because of the coronavirus job retention scheme but quickly changed his decision to rather extend the scheme as the repercussions of completely discarding it would have been far worse.

“It is now very likely that the UK’s economy will face a significant recession this year and we are in the middle of it as we speak,” said Mr Sunak.

However, Mr Sunak is not completely discouraged by the current struggle facing the economy as the Chancellor added that by providing businesses with monetary assistance through the job retention scheme, incorporating a ‘self-employment scheme’ and slowly allowing workers to return to work that the economy will most likely recover immediately post-pandemic.

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The economy has not seen such a downfall in a very long time, but with the continued efforts of government officials who have dedicated and prioritized its citizens and their well-being, it is likely that the UK will soon recover from the crisis.

By Zinhle Nhlangothi

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Alice Campbell for SurgeZirc UK
Alice Campbell for SurgeZirc UK
Alice Campbell is a highly skilled and experienced royal writer, currently working with SurgeZirc UK. With a passion for journalism and a keen interest in the royal family, Alice has established herself as a prominent figure in the field.
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