Boris Johnson and Chancellor Rishi Sunak have been adamant the job retention scheme launched in March to help workers cope through the coronavirus crisis will close in October. But as the Bank of England on Thursday issued new forecasts warning the UK’s unemployment rate could peak at seven percent over the next year, they have been urged to reconsider. Kate Bell from the Trades Union Congress told BBC Breakfast the extension of the furlough scheme could help save one million jobs in the long-term.
Ms Bell suggested the Government could focus efforts in creating employment in sectors in need such as the green industry.
The Bank of England’s latest forecast also suggested the recovery of the British economy will be slower than previously expected, with positive upturns expected to take place at the end of 2021.
The BoE also agreed unanimously to keep interested rates at 0.1 percent.
More to follow…
