Mass unemployment threatens Britain

Mass unemployment threatens Britain

The Economist reports that “the official unemployment rate, as of the end of June, was just 3.9%—remarkably low at any time, let alone when GDP had dropped by more than a fifth. America’s June figure was 11.1%. It has stayed low in Britain because of the furlough scheme, under which the government paid 80% of the wages of employees.”

“Britain produces its unemployment figures with a two-month lag, so nobody knows what the jobless rate is now; but huge redundancies are being announced.”  “The Bank of England expects unemployment to peak at 7.5%; the Office for Budget Responsibility, the fiscal watchdog, is more pessimistic and has pencilled in a peak of around 12%.” Read the full article 

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