The U.S. economy contracted at its steepest pace since the Great Depression in the second quarter as the COVID-19 pandemic shattered consumer and business spending, and a nascent recovery is under threat from a resurgence in new cases of coronavirus.
The chancellor says people are anxious about losing their job and unemployment rising. “We’re not just going to accept this,” he adds.
Sunak says he is announcing a “plan for jobs” to protect, create and support employment.
He says at the start of the crisis the government provided £160bn to cushion the economic fallout from the Covid-19 crisis and lockdown.
Britain is entering the second phase of the government’s economic response, he says. The job responding to the crisis has “only just begun”, he adds.
The chancellor says the government will put the public finances back on a “sustainable footing”, but he suggests this should be in future as Britain rebuilds.
Gloomy forecast comes 10 days before EU leaders meet to discuss €750bn recovery plan
The U.S. economy created jobs at a record clip in June as more restaurants and bars resumed operations, further evidence that the COVID-19 recession was probably over, though a surge in cases of the coronavirus threatens the fledgling recovery.
Latest figures reflect many businesses closing down and workers on placed on furlough
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Data compiled by the central bank showed Taiwan's forex reserves as of May totaled US$484.52 billion, up US$2.73 billion from a month earlier, helping the country retain its position as having the fourth largest forex assets in the world.