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11/25/2020, 2:19 PM (Source: TeleTrader)
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Sunak: UK economy to contract 11.3% in 2020

British Finance Secretary Rishi Sunak stated on Wednesday that the government plans to support nearly 2 million people by increasing the national living wage 2.2%, to 9.1 pounds per hour and the minimum wage by at least £250.

Sunak reiterated that rises paused for the public sector will be paid in 2021, with special attention to the National Health Service, showing the government's aim to strengthen the public services further.

The British minister concluded his spending review by saying that the country's unemployment rate is expected to retreat to 4.4% by the end of 2024, after the expected peak of 7.5% in the first quarter of 2021.

Breaking the News / CG