IF UNEMPLOYMENT INCREASES, EXPENDITURES WILL DECREASE
The government's debt seems to exceed 100 percent of the economic output. Although the economy contracted 20.4 percent in the second quarter, it showed a promising recovery of 8.7 percent in June. Still, the Bank of England believes the strength and sustainability of recovery depends on 'jobs'. It was emphasized that if unemployment increases, people's spending will decrease. It was also noted that unemployed people will start to lose their skills after a while and this will harm social productivity.
40 PERCENT OF THE PEOPLE ARE FEAR BEING UNEMPLOYED
According to the data of the second quarter, the contraction in the food and accommodation sector was a record 86.7 percent. British people are extremely worried about the economy. 40 percent of British citizens surveyed on YouGov fear being unemployed. 60 percent expect the recession in the economy to last at least 18 months. “Unemployment is increasing day by day,” Tej Parikh, chief economist at the Institute of Directors, commented. However, the real explosion may be experienced with the end of state support. "The war we have to fight now is to prevent long-term wounds."