Chancellor Rishi Sunak announces his huge financial relief package at a press conference with Boris Johnson in No. 10 last night Rishi Sunak could have saved around 800,000 jobs with last night’s unprecedented package of measures to help employers keep paying wages during the coronavirus epidemic. Analysts from Capital Economics who were forecasting a 1.5million increase in job losses because of the disease, cut their prediction to 700,000 unemployed just minutes after the announcement. Paul Dales, chief UK economist, told The Times: ‘This is quite frankly a spectacular package that involves the government directly paying the wages of millions of employees. It won’t stop the unemployment rate from rising from just under four per cent now. But without this package we thought that it would shoot up to the financial crisis level of eight percent.’ The chancellor told Friday night’s press briefing a new grant would cover 80% of workers’ salaries – up to a maximum of £2,500 a month each – if firms kept them on. ‘The truth is we are already seeing job losses and there may be more to come,’ Mr Sunak said. ‘I cannot promise you that no one will face hardship in the weeks ahead.’ Pub… Read full this story
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