hit, a lot of economists presumed that there would be a short, sharp shock and then it would be back to the races.
Perhaps in mind of all that, the OBR produced on Tuesday not one but three scenarios on what might happen next. Some of that is down to the fall in tax revenues and rise in unemployment support - but an even bigger chunk is down to the radical support measures put in place by the chancellor, including £50bn or so in the economic statement last week.So: potentially a similar dent on growth to the financial crisis, and a bigger dent on the public finances than the financial crisis.
The OBR scenarios show that even in the most optimistic scenario unemployment will rise to nearly 10% - far higher than the 8.5% peak in the financial crisis. The central scenario sees the jobless rate rising to 12%, meaning around 3.5 million people being out of work. The more pessimistic scenario sees unemployment hitting four million.Britain has not faced this kind of recession - a jobs recession - since the early 1980s.
EdConwaySky J'ai peur que toute l'économie s'effondre à un moment donné, tout le monde va perdre son emploi au Royaume-Uni, tout comme la France, le chômage est horrible,
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