UK economy to experience a ‘sharp bounce’ says David Buik
Mr Buik claimed that £100 billion has been saved by Brits since March 2020 when the first coronavirus lockdown began. He said those people will help the high street bounce back. Speaking to talkRADIO, Mr Buik said: “Unless there’s a miracle by the end of January or February there will be two and a half million unemployed people here.
“That doesn’t mean that the economy can’t bounce back pretty sharply.
“Since March 2020 about £100 billion has been squirreled away by people.
“If they get out in the High Street you will see a very sharp bounce in the economy.”
It comes as Rishi Sunak has warned the UK economy will “get worse before it gets better” given the latest lockdown.
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The Chancellor also cautioned the “road ahead will be tough” for the UK in its recovery from the Covid-19 pandemic, as he updated MPs in the House of Commons.
He added he will “bear in mind” Tory calls to extend business rate relief and provide further support for the hospitality sector at the Budget in March.
Addressing MPs, Mr Sunak said: “Even with the significant economic support we’ve provided, over 800,000 people have lost their job since February.
“And while the new national restrictions are necessary to control the spread of the virus, they will have a further significant economic impact.
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“We should expect the economy to get worse before it gets better.”
He defended the Government’s “comprehensive economic plan”, noting the fiscal stimulus amounts to more than £280 billion.
MPs heard 1.2 million employers have furloughed almost 10 million employees while almost three million people have benefited from self-employment grants.
He added: “Sadly, we have not and will not be able to save every job and every business.
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“But I am confident that our economic plan is supporting the finances of millions of people and businesses.”
Mr Sunak went on: “While the vaccine provides hope, the economy is going to get worse before it gets better.
“Many people are losing their jobs, businesses are struggling, our public finances have been badly damaged and will need repair.
“The road ahead will be tough.”
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