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Eldorado

UK economy bleeding £2.4bn a day

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Eldorado

"The coronavirus lockdown will cost the economy £2.4 billion a day for as long as it lasts and consumer confidence has crashed to its lowest level since the financial crisis, according to two gloomy new reports about the state of the economy.

"Shutting down the economy will reduce Britain’s gross domestic product by 31 per cent as social restrictions prevent businesses from functioning, the Centre for Economics and Business Research said. Output at hotels, restaurants, retailers, cleaning services, museums and galleries and manufacturing will more than halve.

"The figures are consistent with those put forward by other economists, who have warned that the economy will shrink by 30 per cent in the second quarter of the year, while the national lockdown is expected to remain in place."

Full report at Business Matters Magazine UK: Link

And at the UK Daily Telegraph: Link

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third_eye

Don't worry dahlings... There's plenty more billions where that came from... 

~

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Eldorado

"More than nine million workers are expected to be furloughed under the government's job retention scheme (JRS).

"That is according to analysis by the Resolution Foundation, using the latest figures on take-up of the scheme from the British Chambers of Commerce (BCC).

"The cost to the taxpayer over three months is estimated at £30-40bn."

BBC: https://www.bbc.co.uk/news/business-52209790

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skookum
On 4/8/2020 at 3:40 PM, Eldorado said:

"More than nine million workers are expected to be furloughed under the government's job retention scheme (JRS).

"That is according to analysis by the Resolution Foundation, using the latest figures on take-up of the scheme from the British Chambers of Commerce (BCC).

"The cost to the taxpayer over three months is estimated at £30-40bn."

BBC: https://www.bbc.co.uk/news/business-52209790

To be fair I thought it would cost a lot more than that.

What I would like to know is how many employers think they will need to make furloughed workers redundant anyway after this.

Initially they were hoping for a post virus boom.  Now it looks more like an awful recession.

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