Tag: recession

Coronavirus: Impact of virus ‘made NI recession 10 times worse’

Image copyright PA Media Image caption There are concerns unemployment could spike when the government’s job retention scheme closes at the end of the month The recession NI was already facing has been made 10 times worse by Covid-19, a committee has heard. Stormont’s economy committee has been hearing from economists on how the pandemic has affected economic growth. Ulster… Read more →

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Unemployment: Planned redundancies twice the rate of last recession

Image copyright Getty Images Image caption A number of household names have announced redundancy plans since the pandemic began Employers in Britain are planning more than twice as many redundancies than they did at the height of the last recession, new figures show. About 180,000 job cuts were planned from January to March 2009, while 380,000 were planned from May… Read more →

Recession is unprecedented, says Chancellor Rishi Sunak

Media playback is unsupported on your device Media captionRishi Sunak: “We’re grappling with something unprecedented” Chancellor Rishi Sunak has said the government is “grappling with something that is unprecedented” after figures showed the UK economy had suffered its biggest slump on record. The economy shrank 20.4% between April and June compared with the first three months of the year. The… Read more →

UK officially in recession for first time in 11 years

Image copyright TOLGA AKMEN The UK economy suffered its biggest slump on record between April and June as coronavirus lockdown measures pushed the country officially into recession. The economy shrank 20.4% compared with the first three months of the year. Household spending plunged as shops were ordered to close, while factory and construction output also fell. This pushed the UK… Read more →