Unemployment could spike by two million

Industry News | 14/04/20

Britain’s economy could contract by 35 percent and unemployment could jump by two million by June, according to the Office for Budget Responsibility (OBR). The OBR published the estimate in a study today (April 14) outlining the economic impact of a three-month lockdown, followed by a quarter of restrictions being partially lifted. The UK’s fiscal watchdog detailed a scenario where GDP could bounce back quickly after a sharp contraction in the April to June period. It also estimated that the jobs market would take longer to recover. Despite a bounce back, the OBR said the economy could still shrink by 13 percent across the full year.

Source: Credit Strategy