United Kingdom in "economic emergency" with 11.3% of GDP contraction

The UK is going through a period of 'economic emergency' and will experience an unprecedented contraction in Gross Domestic Product (GDP) of 11.3 percent in 2020 due to the pandemic, according to forecasts announced by the UK's Finance Minister.

By TPN/Lusa, in World · 25 Nov 2020, 15:51 · 2 Comments

Official forecasts for next year point to growth of 5.5 percent, UK Chancellor Rishi Sunak said during a speech in Parliament.

On the government deficit, Sunak said that the forecast was for an increase to £394 billion this fiscal year, equivalent to 19 percent of GDP, due to unprecedented efforts to support employment in the face of the pandemic shock, Sunak said in presenting a comprehensive spending plan.

In particular, public services will receive a total of £55 billion next year, Sunak said.

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Comments

They cut the winter fuel allowance to expats in Portugal, no doubt the next cut will be the annual increase eventually followed by no pension at all because as we all know, all UK expats in Portugal are millionaires!

By Greg from Other on 27 Nov 2020, 11:53

If the UK is in an economic crisis then why is the London stock exchange at an all time hihg? Yeh, welcome to the make the rich richer lockdown to crush the working class.

By Daniel from USA on 28 Nov 2020, 19:49