UK Finance Minister Rishi Sunak says country facing 'significant recession'

Amid unprecedented coronavirus pandemic, United Kingdom Finance Minister Rishi Sunak reportedly said that country is facing a ‘significant recession’. According to an international media report, Britain’s ecomy shrank by two per cent in first three months of year due to impact of dely virus which led to ecomic lockdown. While speaking to media outlet Sunak said that country is, however, yet to fulfil technical definition of a ‘recession’ as Britain also h two successive quarters and minister believes that it just a ‘matter of time’.

Sunak said, “ first quarter was that b based on just a few days of impact of coronavirus in March. It is very likely that UK is facing a significant recession at moment and this year”. 

He ded, “It's premature to speculate about that far in future. We are living in a time of unprecedented ecomic uncertainty. What we are thinking about foremost at moment is protecting people's health”. 

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Sunak’s warning comes after UK's Office for National Statistics (ONS) released data to show that hit of ecomy in late March h affected almost every sector of ecomy. ONS reported that output h dropped by almost as much in a single month as in 18-month decline during and after financial crisis of 1008-09. As per reports, ONS said that impact of virus was seen right across ecomy, with nearly all sub-sectors falling int he three months to March. 

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Sunak extends job retention scheme

While figures released by ONS were first official look at lockdown’s financial effects, earlier this week, Sunak also extended job retention scheme by a furr four months until end of October to boost millions jobs and businesses. Indian-origin Finance Minister said in a statement that government, by that time, will have provided eight months of support to British people and businesses. 

He reportedly said that re will be change in scheme until end of July but new flexibility will be introduced from August to support transition back to work. According to treasury department, specific details regarding introduction of flexibility will be me available by end of May.

(Inputs: PTI; Im AP)

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