Britain’s unemployment rate of far worse than official figures suggest, the head of the Bank of England warned today as he said the second wave of coronavirus would hamper economic recovery. Andrew Bailey said that while the UK’s jobless toll is officially 4.9 per cent, he believed the true level is around 6.5 per cent. The Bank governor addressed the Scottish Chambers of Commerce virtually this morning, saying that the current surge of Covid-19 that forces a third lockdown would ‘delay, probably, the trajectory’ of economic recovery this year. But there was a glimmer of good news as he said he did not believe unemployment would hit its projected 8 per cent nadir, thanks to job-protection schemes in place. He added that economic activity during the first quarter would be depressed until COVID-19 vaccines are widespread enough to allow a lifting of some of the lockdown restrictions. It came as Boris Johnson faced growing pressure to launch round-the-clock vaccinations as ministers ‘race against time’ to get jabs in arms. Labour has demanded the Government ‘sorts out’ a 24/7 operation despite No10 claiming there is no ‘clamour’ for appointments after 8pm. Tory MPs are urging ministers to ‘look carefully’ at whether the… Read full this story
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Band of England boss Andrew Bailey says the UK's unemployment rate is WORSE than official figures suggest - as he warns severity of second wave will delay the economic recovery have 279 words, post on www.dailymail.co.uk at January 12, 2021. This is cached page on CuBird. If you want remove this page, please contact us.