Rishi Sunak today declared “many more” Brits will lose their jobs as the UK officially plunged into recession for the first time in 11 years. The Tory Chancellor admitted “hard times are here” after the economy plunged by a record 20.4% between April and June – the largest recession since records began. He confessed hundreds of thousands face job losses – and said he didn’t have a “crystal ball” for what’s next. Mr Sunak told Sky News: “A few months ago I said hard times were coming and today’s numbers show that hard times are here. “Hundreds of thousands of people have already lost their job and many more will. “Difficult decisions do lie ahead for all of us.” He refused to rule out future lockdown measures that could cripple the economy once more to save life. “We will take the action that’s required to suppress the spread of the virus,” the Chancellor said. “[But] I can’t pretend that I have a crystal ball given that we’re dealing with an unprecedented situation.” Today’s announcement by the Office for National Statistics (ONS) confirmed what economists already knew. A recession is defined as two successive quarters of decline in gross domestic product… Read full this story
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