Chancellor Rishi Sunak has warned of a “severe recession the likes of which we haven’t seem” as the coronavirus lockdown ravages the economy.
The Tory Cabinet minister expects unemployment to be in double figures by the end of the year and told peers: "I won’t be able to protect every job and every business." Addressing the Lords economic affairs committee, he warned there will not be an immediate bounce-back.
Sunak said: "No doubt there will be more hardship to come. This lockdown is having a very significant impact on our economy. "We are likely to face a severe recession, the likes of which we haven’t seen, and of course that will have an impact on employment." Re-opening the retail sector is not expected to have an immediate impact on
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