UK Chancellor warns of “economic emergency” with worst downturn for 300 years – BBC News

The extent of the economic and financial crisis facing the UK has been spelled out by the chancellor Rishi Sunak.

He told MPs that the cost of fighting the pandemic has led to record government borrowing and the steepest economic decline in more than three centuries.

Next year more than 2.5m people could be out of work in the UK. This year the government will be borrowing nearly £400 billion, the highest ever in peacetime.

Most public sector workers will get a pay freeze — other than NHS staff and those earning less than £24,000 a year.

The UK’s Office for Budget Responsibility has calculated that the UK economy will shrink by more than 11% this year alone.

Huw Edwards presents BBC News at Ten reporting by political editor Laura Kuenssberg and economics editor Faisal Islam.

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Source: BBC News

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