Corona lockdown paralyzes: Millions of Brits are facing termination

Corona lockdown paralyzes
Millions of Britons are facing termination

The vaccination advances give the British hope that the lockdown will soon be relaxed. It will take some time, however, for the economy to recover from the consequences. Many people will lose their jobs as a result.

The corona crisis is having an impact on the British economy. Around 2.6 million workers are likely to lose their jobs there in the next three months, reports the Bloomberg news agency, citing a study by the Resolution Foundation. That corresponds to eight percent of all employees.

Young people and low-income workers are particularly hard hit, it said. Around two million Britons have either been unemployed or on leave in the past six months. They are particularly at risk. A survey by the UK Chamber of Commerce recently found that a quarter of companies plan to cut jobs when the government-funded aid program ends.

However, there is hope. At the moment, it looks like the British economy will soon be able to overcome the Corona crisis – and the labor market will then recover quickly. The reason for optimism is the progress made with the UK vaccination strategy. Prime Minister Boris Johnson plans to gradually end the corona lockdown by the end of July. He wants to present details on Monday.

"Severe shock"

Britain's economy shrank drastically in the face of the Corona crisis last year. The London statistical office reported a 9.9 percent drop in gross domestic product compared to the previous year – despite positive figures in the second half of 2020, that was a record decline. Treasury Secretary Rishi Sunak said the corona crisis had "shocked the UK economy".

The corona pandemic has hit the UK harder than any other country in Europe. The British economy suffered not only from the consequences of the lockdowns, but also from the Brexit turbulence after leaving the EU on February 1, 2020. At the turn of the year, Great Britain also left the EU internal market and the European customs union.

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