2/18, 12:31 PM (Source: TeleTrader)
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Unemployment set to rise further - BoE's Saunders

Bank of England Monetary Policy Committee member Michael Saunders said on Thursday he is very shocked by the duration of the coronavirus pandemic that had a great impact on employment leaving a lot of people jobless.

"More people are working longer hours and there is a lot of furloughs. There are five million jobs that have been lost. Unemployment is set to rise further, around 7%," he stated. He added that the vaccine rollout means we can be more confident that recovery is happening.

The UK government recently opened the "Kickstart" scheme that includes a £2 billion fund to create approximately 250,000 six-month-long work placements for 16-24-year-olds who are at risk of long-term unemployment.

Breaking the News / TF