Bank of England warns UK unemployment will hit 2.5m after Covid-19 slump - business live

  The Guardian 

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Rolling coverage of the latest economic and financial news, as BoE warns one million jobs will be lost by Christmas * Latest: Bank says unemployment to double, to 2.5m * One million people expected to lose their job this year * Introduction: Bank sees ‘material rise’ in joblessness * Downturn less severe than feared... but recovery expected to take longer * Bank: We’re looking at negative interest rates 10.01am BST The Bank of England has spelled out quite clearly that unemployment is probably going to hit 2.5m this year -- the highest in seven years. As we explained earlier , that would mean the jobless total would almost double by Christmas, from the current level of 1.35 million people out of work and looking for a job. In the MPC’s projections, unemployment rises to around 7½% by the end of the year as some workers are made redundant and hiring remains subdued. That would represent around 2½ million people out of work and searching for jobs (Chart 4.2), the highest total sinc

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