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Rishi Sunak: UK economy to get worse before it gets better

Christian Fernsby |
British finance minister Rishi Sunak said Monday that the coronavirus-ravaged economy would get worse before it recovers amid warnings that more than 250,000 small firms could go bust this year.

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“Coronavirus has already caused significant harm to our economy,” Sunak told parliament, noting that it total output was 6.1 percent smaller than before the health crisis erupted last year and sparked a historic recession.

“Even with the significant support we have provided, over 800,000 people have lost their job since February,” he said.

“And while the new national restrictions are necessary to control the spread of the virus, they will have a further significant economic impact.

“We should expect the economy to get worse before it gets better,” he added.

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