Tag: worse

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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US jobless claims worse than expected despite reopening

Image copyright Getty Images A further 1.5 million Americans filed for unemployment last week, a higher-than-expected number that signals the economic damage caused by the pandemic is continuing. Although reopening is underway throughout the country, the number of new applications for benefits fell by just 58,000, the Labor Department said. It was the 13th week in a row the figures… Read more →

Coronavirus: Debt letters ‘make money problems worse’

Image copyright Rachel Edwards Image caption Rachel Edwards is now on a debt management plan Rachel Edwards has faced mental health difficulties for decades. Bouts of depression have also brought financial problems for the 43-year-old grandmother. She believes that letters, warning about falling behind on debt and which lenders are compelled to send by law, are often counter-productive. “You get… Read more →

Coronavirus: Alistair Darling warns economic impact ‘far worse than banking crisis’

Image caption Mr Darling was chancellor during the 2008 financial crisis The economic impact of the coronavirus pandemic will be “far, far worse” than the banking crisis in 2008, a former chancellor has warned. Alistair Darling said the country was already in a “very deep recession”. He predicted that unemployment would start to rise in August despite the UK government’s… Read more →