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Apr 17, 2020
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the office for budget responsibility is predicting a rise of 2 million. f you think of the rates that claimants for unemployment benefits increase. 1.2 million people in a matter of weeks. it suggests that we are seeing something we have not seen before. and the impact of this will be absolutely profound. very very quickly the government is going to have to turn its attention to how on earth it looks to shore up both economy and ensure will recover in the best possible way. we looked at economics will look internationally at the front page of the new york times. the headline there, china against the world. i just want to read one small paragraph from this. trident tightened us against them mentality perhaps most apparent in its recent structures aimed at foreigners. though the chinese government denounce racist attacks of asians overseas when the outbreak was centred in china, it now cast people from other countries as public health risks. giles
the office for budget responsibility is predicting a rise of 2 million. f you think of the rates that claimants for unemployment benefits increase. 1.2 million people in a matter of weeks. it suggests that we are seeing something we have not seen before. and the impact of this will be absolutely profound. very very quickly the government is going to have to turn its attention to how on earth it looks to shore up both economy and ensure will recover in the best possible way. we looked at...
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Apr 14, 2020
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could shrink by 35 percent over the next 3 months is just one possible scenario the office for budget responsibility says the u.k. could be set for its deepest recession in 3 centuries with an employment more than doubling to 10 percent by june the figures were based on their sumption of a 3 month lockdown followed by a 3 month partial lockdown. after weeks under lockdown businesses are reopening in some european countries but social distancing and other measures are still being enforced and nations in the e.u. are being urged to coordinate their efforts and relax restrictions gradually who read and has more. after more than a month from the government imposed closure the shutters are starting to be raised europe is taking its 1st cautious steps out of lock down many italian bookshops stationery stores and children's clothing shops were allowed to reopen on tuesday albeit with strict conditions but in a country which has seen more than 20000 fatalities from the virus the relief is mixed with fear. and i think the right thing is to prevent every possibility of infection obviously one needs to balance
could shrink by 35 percent over the next 3 months is just one possible scenario the office for budget responsibility says the u.k. could be set for its deepest recession in 3 centuries with an employment more than doubling to 10 percent by june the figures were based on their sumption of a 3 month lockdown followed by a 3 month partial lockdown. after weeks under lockdown businesses are reopening in some european countries but social distancing and other measures are still being enforced and...
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Apr 14, 2020
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economy could shrink by one 3rd over the next 3 months is just one possible scenario the office for budget responsibility says the u.k. could be set for its deepest recession in 3 centuries with unemployment more than doubling to 10 percent by june. several countries within europe are taking cautious steps towards reopening as leaders try to restart their economies small businesses including book shops and children's clothing stores have been allowed to reopen in italy similar measures were taken in austria indian police armed with batons of charged a crowd of migrant workers in mumbai hundreds had gathered at a train station demanding to be allowed to travel home after prime minister nuri modi extended india's lockdown until may the 3rd. york's governor has accused the us president of spoiling for a fight over who has the authority to reopen the country and require most says he won't engage with donald trump of a claims that he alone can lift state wide restrictions 10000 of the more than 20000 coronavirus deaths in the u.s. have been in new york and in other news we're getting reports of a gun battle i
economy could shrink by one 3rd over the next 3 months is just one possible scenario the office for budget responsibility says the u.k. could be set for its deepest recession in 3 centuries with unemployment more than doubling to 10 percent by june. several countries within europe are taking cautious steps towards reopening as leaders try to restart their economies small businesses including book shops and children's clothing stores have been allowed to reopen in italy similar measures were...
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Apr 14, 2020
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the office for budget responsibility warns that if the lockdown lasts 3 months, with another 3 monthsk economy could shrink by 35% between april and june this year, before a likely recovery. in the model experts predicted unemployment could rise to 10 % of the working population. this would more than double unemployment levels and increase the number of people withoutjbs by 2 million. speaking at the daily downing street news conference the chancellor rishi sunak, said he was ‘deeply troubled' by the figures sot sunak, said he was ‘deeply troubled' by the figures. people are going to feel that in theirjobs and household incomes. i would hope that the measures in place would help us bounce back. we talked about how feasible that bounce back actually is. the report suggests the economy could recover fast. but with 2 million extra people potentially out of work, fears over today's predictions. of course, this really is down to the measures that can be put in place to sustain businesses and jobs. they are absolutely critical, not just now but for the future health of our economy. these nu
the office for budget responsibility warns that if the lockdown lasts 3 months, with another 3 monthsk economy could shrink by 35% between april and june this year, before a likely recovery. in the model experts predicted unemployment could rise to 10 % of the working population. this would more than double unemployment levels and increase the number of people withoutjbs by 2 million. speaking at the daily downing street news conference the chancellor rishi sunak, said he was ‘deeply...
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Apr 14, 2020
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the office for budget responsibility says a three—month lockdown could see the economy shrink by 35% o 10%. for context, the most recent figure was just under 4%. the 0br says the economy would bounce back, but still forecasts a 13% fall overall by the end of 2020. the chairman of the office for budget responsibility says the coronavirus shutdown could lead to the uk experiencing the highest budget deficit since the second world war. well, if a three—month lockdown did lead to a 35% decline in gdp, that would be the largest quarterly fall that we've seen in living memory but the hope is of course that that's a temporary hit and the economy can rebound relatively quickly. in terms of government borrowing, we estimate that the budget deficit could rise to 14% of gdp this year. 0n the same set of assumptions, that would be the highest deficit since the second world war. once again, though, the hope is that the government's policy measures will ensure that this is temporary and that the amount of long—term scarring to the economy and the public finances is kept toa minimum. but quite how
the office for budget responsibility says a three—month lockdown could see the economy shrink by 35% o 10%. for context, the most recent figure was just under 4%. the 0br says the economy would bounce back, but still forecasts a 13% fall overall by the end of 2020. the chairman of the office for budget responsibility says the coronavirus shutdown could lead to the uk experiencing the highest budget deficit since the second world war. well, if a three—month lockdown did lead to a 35% decline...
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ahead of us in here already pay particular attention to the figures that came from the office for budget responsibility earlier today and ready for at least quite some worrying statistics so just to stress really soon i did say it was a forecast and not it was not a forecast it was not a prediction but simply based on a 3 month lockdown scenario so he said that unemployment will rise by $2000000.00 the office for budget responsibility also said that in the 2nd financial quarter of the year april to june g.d.p. will fall by 35 percent and the total the economy will shrink by is 13 percent by the end of 2020 now as i say though really said that covert 9000 will have serious implications on the economy but did stress it will bounce back eventually these are only temporary difficult scenarios for the economy and senate and stressed that the government is really trying to keep the safety nets in place so that the economy can bounce back the aim for the government is to get people back into work as quickly as possible but stressed yet again but all of the government's policy is led by the the experts in the
ahead of us in here already pay particular attention to the figures that came from the office for budget responsibility earlier today and ready for at least quite some worrying statistics so just to stress really soon i did say it was a forecast and not it was not a forecast it was not a prediction but simply based on a 3 month lockdown scenario so he said that unemployment will rise by $2000000.00 the office for budget responsibility also said that in the 2nd financial quarter of the year...
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Apr 20, 2020
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that is what we have done and the office for budget responsibility said last week that the situation n much worse if it hadn't been for our actions. but in everything we have done, even in our defence against the immediate crisis, we have also been sowing the seeds of our ultimate recovery. as we look ahead and start to plan for our recovery, it is critical we don'tjust maintain companies and jobs that already exist, but that we also encourage the businesses, jobs and technologies of the future. innovation and entrepreneurship have powered growth in our country for centuries and it is what will drive our growth as we recover from this crisis. to that end, earlier today i launched two initiatives to support the most innovative firms in the country. worth £1.25 million. first, we are launching a new future fund worth £500 million to make sure that high—growth companies across the uk can continue to access the investment they need during this crisis. launching in may, the future fund, it will provide uk—based ea rly—stage companies with convertible between £125,000 and £5 million. our fu
that is what we have done and the office for budget responsibility said last week that the situation n much worse if it hadn't been for our actions. but in everything we have done, even in our defence against the immediate crisis, we have also been sowing the seeds of our ultimate recovery. as we look ahead and start to plan for our recovery, it is critical we don'tjust maintain companies and jobs that already exist, but that we also encourage the businesses, jobs and technologies of the...
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Apr 14, 2020
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could shrink by 35 percent over the next 3 months is just one possible scenario the office for budget responsibility says the u.k. could be set for its deepest recession in 3 centuries with unemployment more than doubling to 10 percent by june the figures were based on this sumption of a 3 month lockdown followed by a 3 month partial lockdown regime soon x. as economic measures taken by the government will significantly mitigate the impact of the pandemic we can't protect every business and every household but we came into this crisis with a fundamentally sound economy powered by the hard work and ingenuity of the british people and british businesses so while those economic impacts are significant the o.b. are also expect them to be temporary after weeks under lockdown business is reopening in some european countries but social distancing and other measures are still being enforced and nations in the e.u. are being urged to coordinate their efforts and relax restrictions gradually paul brennan has more. after more than a month under government imposed closure the shutters are starting to be razed e
could shrink by 35 percent over the next 3 months is just one possible scenario the office for budget responsibility says the u.k. could be set for its deepest recession in 3 centuries with unemployment more than doubling to 10 percent by june the figures were based on this sumption of a 3 month lockdown followed by a 3 month partial lockdown regime soon x. as economic measures taken by the government will significantly mitigate the impact of the pandemic we can't protect every business and...
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the office for budget responsibility suggest that could lead to the country's g.d.p. decreasing by 35 percent i'll be joined by an economics expert shortly. medics on living hand to mouth with the personal protective equipment they have been supplied with as it emerges the u.k. has missed 3 chances to join in the human scheme for. broadcasting watchdog as an investigation into comments made by holmes on the conspiracy linking 5 g. technology to the virus i'll be talking to professor of psychology. acting prime minister dominic robb admits that the lockdown is set to continue for the forseeable future this is the office for national statistics reveals the number of coronavirus deaths this fall greater than the government's figures suggest that it was daschle joins me live for more on this so any ideas. how long this lockdown is likely to continue well sage the scientific advice group to unnerve and seize a meeting later today to review the current knocked out measures but by and large they really are looking at the data collected to really monitor the effectiveness of
the office for budget responsibility suggest that could lead to the country's g.d.p. decreasing by 35 percent i'll be joined by an economics expert shortly. medics on living hand to mouth with the personal protective equipment they have been supplied with as it emerges the u.k. has missed 3 chances to join in the human scheme for. broadcasting watchdog as an investigation into comments made by holmes on the conspiracy linking 5 g. technology to the virus i'll be talking to professor of...
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Apr 14, 2020
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his comments come after britain's tax watchdog, the office for budget responsibility, warned the pandemicmy shrink more than a third byjune. and the potential damage to the economy is notjust a short—term threat — there will be a longer term impact as well. 0ur economics editor faisal islam is at the uk treasury. these are staggering numbers, numbers that people who work at this institution would never have imagined seeing on the charts about the british economy in their lifetimes. two months ago if all of a third of a percent over three months would have been seen as pretty bad, this is about a third of the entire economy. yes there is a bounce back but the overall impact over the course of the year is about the seven smaller consequences for public borrowing as well. it's important that even with these grim numbers underlying that is a strong bounce back, in order to get that you need to get the treasury rescue money out into the economy, need to get some sort of handle over the health crisis and provide confidence to workers and consumers. you want to workers and consumers. you want to
his comments come after britain's tax watchdog, the office for budget responsibility, warned the pandemicmy shrink more than a third byjune. and the potential damage to the economy is notjust a short—term threat — there will be a longer term impact as well. 0ur economics editor faisal islam is at the uk treasury. these are staggering numbers, numbers that people who work at this institution would never have imagined seeing on the charts about the british economy in their lifetimes. two...
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Apr 14, 2020
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it comes as the uk's spending watchdog, the office for budget responsibility, said a three—month lockdown5% by the end ofjune. mr sunak said, "these are tough times, and there will be more to come" the latest uk figures show that 778 more people have died in hospital, though the government have been criticised for not including care home deaths in that daily number. the chancellor went on to say he thinks the economy could recover relatively quickly from this. what i would say and what the report confirms is that the measures that we have put in place can significantly mitigate that impact. in particular, thejob retention scheme, the furlough scheme we have put in place aims to do exactly that in making sure people do not remain unemployed but are attached to their company through the furlough scheme. it means that when we get through this, we can bounce back as quickly as possible. to your point about a generation, i hope that the measures we have put in place will allow us to do exactly as they have said, bounce back. if you look at the scenario, that is something that they talk about i
it comes as the uk's spending watchdog, the office for budget responsibility, said a three—month lockdown5% by the end ofjune. mr sunak said, "these are tough times, and there will be more to come" the latest uk figures show that 778 more people have died in hospital, though the government have been criticised for not including care home deaths in that daily number. the chancellor went on to say he thinks the economy could recover relatively quickly from this. what i would say and...
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emphasise this is not forecast, it is not the 0ffice this is not forecast, it is not the office for budget responsibilityn. they are scenarios, shimming for example three month shut down. but that does seem a fair assumption, and on that assumption these numbers really are quite alarming. even compared to the global financial crisis. for example, the amount the government will have to borrow to make up the difference between what it is getting in in tax and what it is shedding out will go up five times. that is fivefold. from an estimated 55 billion they were expecting before the shutdown, now they anticipating borrowing over £273 billion and ordered to pay for all of these government spending programmes. that is 14% of the size of the economy, a bigger deficit than we have had since world war ii. much bigger than the financial crisis. the chancellor of the exchequer, rishi sunak, has been defending the measures he said were necessary to take on the public health emergency... i think it's clear this will have a very significant impact on our economy, in common with economies around the world, and it is i
emphasise this is not forecast, it is not the 0ffice this is not forecast, it is not the office for budget responsibilityn. they are scenarios, shimming for example three month shut down. but that does seem a fair assumption, and on that assumption these numbers really are quite alarming. even compared to the global financial crisis. for example, the amount the government will have to borrow to make up the difference between what it is getting in in tax and what it is shedding out will go up...
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Apr 14, 2020
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yes he was very quick to stress that this is not a forecast from the office for budget responsibility this is just one possible scenario and he said it is very important to be honest about the damage that this lockdown will do he says he's been honest from the start there will be a considerable contraction of the economy but as you heard him say that the country was in a strong economic position before we entered this crisis he expects it to bounce back quickly know what the o.b. art is is modeling is that the the country's real g.d.p. will contract by 35 percent in the 1st quarter unemployment will rise to 2000000 at the moment it stands at 1300000 so that's more than a doubling now that scenario is modeled on 3 months of full lockdown funded by 3 months of partial lockdown that's not what the government has announced but it's not outside the realms of possibility because the government has said we can expect 12 months of varying levels of social distancing so they. obviously are receiving some some pretty tough questions there because if this scenario does play out as the o.b. are f
yes he was very quick to stress that this is not a forecast from the office for budget responsibility this is just one possible scenario and he said it is very important to be honest about the damage that this lockdown will do he says he's been honest from the start there will be a considerable contraction of the economy but as you heard him say that the country was in a strong economic position before we entered this crisis he expects it to bounce back quickly know what the o.b. art is is...
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Apr 23, 2020
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we did have what we call a scenario from the office for budget responsibility, the official independentunt the government needed to borrow to plug this huge and widening gap between the money gets in on taxes, and the money it is spending, would be about five times what they predicted just before the budget last month. so now we see the actual concrete numbers. this is the debt management office saying in the next few months this is the money we are going to have to borrow. they revealed that in april alone the government had to borrow £45 billion. that's rather more than we spend on police and safety, more than we spend on primary schools, for example. in may tojuly they will have to borrow £180 billion. 0ver will have to borrow £180 billion. over the course of four months they will end up borrowing £225 billion. that is a mind—boggling sum of money to borrow in such a short space of time. about a quarter of £1 trillion, about an eighth of the value of the entire economy. that's if the lockdown only lasts as long as predicted. if it goes on for six months the resolution foundation pred
we did have what we call a scenario from the office for budget responsibility, the official independentunt the government needed to borrow to plug this huge and widening gap between the money gets in on taxes, and the money it is spending, would be about five times what they predicted just before the budget last month. so now we see the actual concrete numbers. this is the debt management office saying in the next few months this is the money we are going to have to borrow. they revealed that...
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Apr 14, 2020
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economy has been spelled out by the independent tax and spending watchdog the 0br, the office for budget responsibility, speaking at the daily downing street news conference a short while ago said he was "deeply troubled" by the figures. the 0br warns that if the lockdown lasts three months with another three months of partial lifting, the uk economy could shrink by 35% between april and june this year before a likely recovery. in the model experts predicted unemployment could rise to 10% of the working population. this would more than double unemployment levels and amount to a rise of two millionjobless people, as our political editor laura kuenssberg reports. stuck on the shelf, stuck without trade, the shutdown is draining live from chris northcott‘s business and from chris northcott‘s business and from the whole economy as well. we have a warehouse full which we cannot sell and we need internet orders to come through on our website. this is our only source of income. coronavirus present in the government not with just a health emergency, but a decade defining downturn. these are tough times and the
economy has been spelled out by the independent tax and spending watchdog the 0br, the office for budget responsibility, speaking at the daily downing street news conference a short while ago said he was "deeply troubled" by the figures. the 0br warns that if the lockdown lasts three months with another three months of partial lifting, the uk economy could shrink by 35% between april and june this year before a likely recovery. in the model experts predicted unemployment could rise to...
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Apr 28, 2020
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the office for budget responsibility have published a scenario showing that the coronavirus will havesignificant impacts, both at home and in the global economy. more than one and a half million new claims have been made to universal credit. over 4 millionjobs have now been furloughed and survey evidence suggests that a quarter of businesses have stopped trading. these are already tough times and there will be more to come. setting out the details of his so—called bounce back loans, he said firms would be able to apply forup to £50,000. there would be no capital or interest repayments for one year with the government paying the interest for the first 12 months. my right honourable friend, the secretary and i have been in close talks of the banks and i am pleased to say that these loans will be available for 9am next monday. there will be no forward—looking tests of business viability, no complex eligibility criteria, just a simple quick, standard form for businesses to fill in. loans should arrive within 2a hours of approval. i've heard from small business owners to put their life and
the office for budget responsibility have published a scenario showing that the coronavirus will havesignificant impacts, both at home and in the global economy. more than one and a half million new claims have been made to universal credit. over 4 millionjobs have now been furloughed and survey evidence suggests that a quarter of businesses have stopped trading. these are already tough times and there will be more to come. setting out the details of his so—called bounce back loans, he said...
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public health england earlier today the government's independent fiscal watchdog the office for budget responsibility the o.b. are published a report into the impact of coronavirus on the economy and public finances it is important to be clear that the o.b.l. is numbers are not a forecast or a prediction. they simply set out what one possible scenario might look like and it may not even be the most likely scenario but it's important that we are honest with people about what might be happening in our economy so before i turn to today's health figures i want to spend a few minutes explaining what the o.b.l. have said and let me thank them for their continued work there are 3 brief points i wanted to make 1st the o.b.s. figures suggest that the scale of what we are facing will have serious implications for our economy here at home in common with other countries around the world these are tough times and there will be more to come as i've said before we can't protect every business and every household but we came into this crisis with a fundamentally sound economy powered by the hard work and ingenuity o
public health england earlier today the government's independent fiscal watchdog the office for budget responsibility the o.b. are published a report into the impact of coronavirus on the economy and public finances it is important to be clear that the o.b.l. is numbers are not a forecast or a prediction. they simply set out what one possible scenario might look like and it may not even be the most likely scenario but it's important that we are honest with people about what might be happening...
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Apr 15, 2020
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the office for budget responsibility — an independent group of economists that keeps an eye on governmentthey made it clear that this is one scenario which will be affected by how long restrictions remain in place, but overall for this year they predicted the economy — so how much everything is worth — would shrink by 12.8%. have a look at this. this will give us some have a look at this. this will give us some historical context. the middle circle is when there was the great depression in the 1930s. you have to go back to 1709, more than 300 years ago, when europe was hit bya 300 years ago, when europe was hit by a big freeze, to see that economy got that far and that quickly. yesterday the chancellor rishi sunak was quick to point out that there are a series of ifs in reaching this conclusion — this isjust one scenario, not a forecast or prediction. it seems extraordinary to have to look back that far. how long, is the difficult question to answer, will it last? some good news — the obr did say that measures are in place to help the economy successfully bounce back next year. and the ch
the office for budget responsibility — an independent group of economists that keeps an eye on governmentthey made it clear that this is one scenario which will be affected by how long restrictions remain in place, but overall for this year they predicted the economy — so how much everything is worth — would shrink by 12.8%. have a look at this. this will give us some have a look at this. this will give us some historical context. the middle circle is when there was the great depression...
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be looking at the economic impacts as well we've also got the latest figures from the office for budget responsibility that has actually released some very worrying statistics and argues that what we're looking at is one of the worst 8 economic downfalls in a century and now they've said that unemployment revised point 2000000 assuming a 3 month lockdown is where the united kingdom is headed they say in the 2nd financial quarter of the year april to june g.d.p. will fall by 35 percent now they do foresee the u.k. to bounce back slightly in the year but still envisages the economy to shrink. by 13 percent by the end of the 2020 so really even more bleak news to an already very bleak situation shadier thank you very much indeed for that update what about the hoff of all corona virus deaths are happening in care homes according to the latest data collected by a team based at the london school of economics that's as the chief medical officer for england professor chris witty as soon as that 13 and a half percent of care homes have registered an outbreak of the virus the data based on figures from european
be looking at the economic impacts as well we've also got the latest figures from the office for budget responsibility that has actually released some very worrying statistics and argues that what we're looking at is one of the worst 8 economic downfalls in a century and now they've said that unemployment revised point 2000000 assuming a 3 month lockdown is where the united kingdom is headed they say in the 2nd financial quarter of the year april to june g.d.p. will fall by 35 percent now they...
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could shrink by 35 percent over the next 3 months are just one possible scenario the office for budget responsibility says the u.k. could be set for its deepest recession in 3 centuries with unemployment more than doubling to 10 percent by june the figures are based on the assumption of a 3 month lockdown followed by a 3 month partial lockdown where she synopses economic measures taken by the government or significantly mitigate the impact of the pandemic is we seem to have a lot of the sound on that we've got james midway who's an economist and former u.k. treasury official he joins us now via skype from london thanks very much for being with us just to go back to the i.m.f. for carson is not the only institution that's forecasting recession but if you would you agree with the severity of what they're forecasting. yes it's it's not the only institution out there predicting forecasts for the major economies of the world to look really cried head raising in terms the numbers but he says the biggest one his most comprehensive for the entire globe at this point in time and he significantly worse than so
could shrink by 35 percent over the next 3 months are just one possible scenario the office for budget responsibility says the u.k. could be set for its deepest recession in 3 centuries with unemployment more than doubling to 10 percent by june the figures are based on the assumption of a 3 month lockdown followed by a 3 month partial lockdown where she synopses economic measures taken by the government or significantly mitigate the impact of the pandemic is we seem to have a lot of the sound...
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the office for budget responsibility warns that if the lockdown lasts 3 months, with another 3 monthseconomy could shrink by 35% between april and june this year, before a likely recovery. in the model, experts predicted unemployment could rise to 10% of the working population. this would more than double unemployment levels and increase the number of people withoutjbs by 2 million. speaking at the daily downing street news conference, the chancellor rishi sunak, said he was "deeply troubled" by the figures. this is going to be hard. our economy is going to take a significant hit and, as i have said before, that is not an abstract thing. people are going to feel that in theirjobs and in their household incomes. i very much hope that the measures that we've put in place will allow us to do exactly as 0br have said — bounce back. here's our political editor laura kuenssberg on how feasible that "bounce back" the chancellor talked about actually is. when the shutters roll up, the car parks fill again and the closed signs flip back over, the report suggests the economy could recover fast,
the office for budget responsibility warns that if the lockdown lasts 3 months, with another 3 monthseconomy could shrink by 35% between april and june this year, before a likely recovery. in the model, experts predicted unemployment could rise to 10% of the working population. this would more than double unemployment levels and increase the number of people withoutjbs by 2 million. speaking at the daily downing street news conference, the chancellor rishi sunak, said he was "deeply...
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shrink in the economy over the entire year they're also predicting this is the office office for budget responsibility by the way they are also predicting that unemployment will rise by $2000000.00 mark today it stands at 1300000 so that's more than doubling of the unemployment rate now the government has been quick to stress that this is not their official prediction but they have yet to push back against it in any significant way and we have seen the chancellor over the last 2 weeks really seen that again no naging that there will be a significant impact on the economy has steered slightly clear of that word recession but how could it not with businesses close. being furloughed or the government's business support package running up into the into the huge number $415000000000.00 that o.b. our prediction is worth noting is modeled on a 3 month full lockdown followed by a 3 month partial lockdown now that's not what the government is saying it's planning to do but the government has said that we will be looking at 12 months of varying levels of social distancing so it's not outside the realms of possi
shrink in the economy over the entire year they're also predicting this is the office office for budget responsibility by the way they are also predicting that unemployment will rise by $2000000.00 mark today it stands at 1300000 so that's more than doubling of the unemployment rate now the government has been quick to stress that this is not their official prediction but they have yet to push back against it in any significant way and we have seen the chancellor over the last 2 weeks really...
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we should emphasize these are not forecast, this is not the office for budget responsibility saying thishutdown, but there does seem a fair assumption. and on that assumption, these numbers really are quite alarming even compared to the global financial crisis. so, for example, the amount the government will have to borrow to make up the difference between what it's getting in in tax and what it's shelling out will go up five times fivefold. so from an estimated 55 billion that they were expecting before the shutdown, now they are anticipating borrowing of £273 billion in order to pay for all these government spending programs. that's14% of the size of the economy. that's a bigger deficit than we've had since world war two, so much bigger than the financial crisis and the chancellor of the exchequer has been defending the measures that he said were necessary to take the take on the public health emergency. look, it's clear this will have a very significant impact on our economy in common with economies around the world. and it's important that we're honest about that. people should know
we should emphasize these are not forecast, this is not the office for budget responsibility saying thishutdown, but there does seem a fair assumption. and on that assumption, these numbers really are quite alarming even compared to the global financial crisis. so, for example, the amount the government will have to borrow to make up the difference between what it's getting in in tax and what it's shelling out will go up five times fivefold. so from an estimated 55 billion that they were...
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Apr 14, 2020
04/20
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that's according to a scenario by the office for budget responsibility — who say if the lockdown is int that, people need to know that we will not be able to protect every job, every business. the second point that the report makes clear is that the actions we have taken, unprecedented actions, will help to mitigate the impact of the virus on our economy, and if we haven't done these things it would mean things we re these things it would mean things were a these things it would mean things we re a lot these things it would mean things were a lot worse, for example the impact on unemployment. the last point as it is clear that we must defeat the virus as quickly as possible, that is not a choice between health and economics, that defies common sense. what we need is to follow the rules, and i'm grateful to everyone for doing that over the easter weekend. what about the mitigating measures, the business loans scheme, there has been woefully small number of companies who have been able to take advantage of those business loans. who's to blame for that and what are you doing to put it rig
that's according to a scenario by the office for budget responsibility — who say if the lockdown is int that, people need to know that we will not be able to protect every job, every business. the second point that the report makes clear is that the actions we have taken, unprecedented actions, will help to mitigate the impact of the virus on our economy, and if we haven't done these things it would mean things we re these things it would mean things were a these things it would mean things...
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Apr 20, 2020
04/20
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that is what we have done and the office for budget responsibility said last week that the situation n't been for our actions. but in everything we have done, even in our defence against the immediate crisis, we have also been sowing the seeds of our ultimate recovery. as we look ahead and start to plan for our recovery, it is critical we don'tjust maintain companies and jobs that already exist, but that we also encourage the businesses, jobs and technologies of the future. innovation and entrepreneurship have powered growth in our country for centuries and it is what will drive our growth as we recover from this crisis. to that end, earlier today i launched two initiatives to support the most innovative firms in the country. worth £1.25 million. first, we are launching a new future fund worth £500 million to make sure that high—growth companies across the uk can continue to access the investment they need during this crisis. launching in may, the future fund,it crisis. launching in may, the future fund, it will provide uk—based early—stage fund, it will provide uk—based ea rly—stage
that is what we have done and the office for budget responsibility said last week that the situation n't been for our actions. but in everything we have done, even in our defence against the immediate crisis, we have also been sowing the seeds of our ultimate recovery. as we look ahead and start to plan for our recovery, it is critical we don'tjust maintain companies and jobs that already exist, but that we also encourage the businesses, jobs and technologies of the future. innovation and...
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Apr 14, 2020
04/20
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ALJAZ
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well the chancellor was stressing that the office of for budget responsibility has put out a projection it is not a prediction it is not a forecast it is modeled on a very particular scenario that scenario is one where the country is knocked down as we are now for 3 months and then follows that's followed by a partial lockdown for another 3 months that's not what the government has announced it's not outside the realms of possibility though because we know that they are considering varying levels of social distancing for 12 months but what he's saying is that the got the country's economy was very strong before this crisis happened and it will bounce back quickly and the o.b. are has said it could bounce back quickly they they agree on that but 35 percent contraction in one quarter that would be a bigger contraction than this country saw during the spanish flu during the 2008 financial crisis through training world war one or world war 2 so it is a very alarming. scenario that they have modeled now the chance that the finance minister has acknowledged there is going to be some short ter
well the chancellor was stressing that the office of for budget responsibility has put out a projection it is not a prediction it is not a forecast it is modeled on a very particular scenario that scenario is one where the country is knocked down as we are now for 3 months and then follows that's followed by a partial lockdown for another 3 months that's not what the government has announced it's not outside the realms of possibility though because we know that they are considering varying...
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Apr 21, 2020
04/20
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analysis which is in line with last week's projections for the uk as a whole from the office for budget responsibilitycomparable period last year, that number was 15 thousand 500. the scottish government's immediate focus working with the uk government has been trying to mitigate the impact of this economic and on protecting the economy's productive capacity for the future. our overall package of support for businesses in scotla nd package of support for businesses in scotland now totals more than 2.3 billion pounds, including business relief for many sectors and grants for small businesses. the economy secretary will set out later today in parliament how £100 million of funding that we announced last week will be used to support people for example people who have become recently self employed who might not currently be eligible for other forms of support. fundamentally and this is a point i have made previously we recognise that in order to protect public health, the government is making extraordinary demands on businesses and workers. we are asking you to do unprecedented things. so we reckon their
analysis which is in line with last week's projections for the uk as a whole from the office for budget responsibilitycomparable period last year, that number was 15 thousand 500. the scottish government's immediate focus working with the uk government has been trying to mitigate the impact of this economic and on protecting the economy's productive capacity for the future. our overall package of support for businesses in scotla nd package of support for businesses in scotland now totals more...
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Apr 15, 2020
04/20
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the office of the budget responsibility says the u.k. could be set forts deepest recession in three centuries. with unemployment doubling to 10% by june. the figures are based on the assumption of a three-month lockdown followed by a three-month partial lockdown. after weeks under lockdown, businesses are reopening in some european countries but social distancing and other measures are still being enforced. nations in the eu are urged coordinate efforts and relax restrictions gradually. month undere than a government imposed closure, the shutters are starting to be raised. europe is taking its first cautious steps out of lockdown. many italian bookshops, stationery stores and children's clothing shops were allowed to reopen tuesday, but with strict conditions. in a country that has seen more than 20,000 fatalities from the virus, the relief is mixed with fear. >> i think the right thing is to prevent every possibility of infection. obviously one needs to balance this with the need for normal life to resume, but always remembering the risk is still very h
the office of the budget responsibility says the u.k. could be set forts deepest recession in three centuries. with unemployment doubling to 10% by june. the figures are based on the assumption of a three-month lockdown followed by a three-month partial lockdown. after weeks under lockdown, businesses are reopening in some european countries but social distancing and other measures are still being enforced. nations in the eu are urged coordinate efforts and relax restrictions gradually. month...
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Apr 27, 2020
04/20
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MSNBCW
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we spoke with some administration officials for agencies that are responsible for transition, such as the office of management and budget. said they'll comply with the law. the general services administration also says they'll comply with the law. when we ask the white house if the west wing officials who are supposed to stand up a committee to coordinate with the biden team plan on doing that, they had no comment. that has raised some suspicions along democrats who say that, you know, it is a real question about whether or not this president will do what all past presidents have done, which has largely been a non-partisan exercise of preparing potential successor for being able to take over the administration. one interesting fact about this is that we haven't seen a transition from an incoumbent t someone who defeated him since 1993. that raises the stakes for this. on top of that, you have a pandemic crisis, potential economic crisis, and a president who has really shown he's not necessarily going to play by the rules. that's raising questions about whether this is going to proceed in the way it has proceeded in the
we spoke with some administration officials for agencies that are responsible for transition, such as the office of management and budget. said they'll comply with the law. the general services administration also says they'll comply with the law. when we ask the white house if the west wing officials who are supposed to stand up a committee to coordinate with the biden team plan on doing that, they had no comment. that has raised some suspicions along democrats who say that, you know, it is a...
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Apr 15, 2020
04/20
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the uk, the office for budget possibility gave its projection for the very short term to the end ofjune, a massive fall in the economy, a big hit for the uk. you like —— to give us your responsethat we are seeing people go through in the uk. but it is also important to say that all forecasts are uncertain, and these forecast have a particularly wide range of potential outcomes as the chancellor said last night, just heard again that we are forecasting something that we have never seen before, and so in that situation, we need to be very careful about not becoming too attached to one particular forecast. so for example, i have seen forecasts from economists ranging from a decline in growth of 12% over the course of this year to growth actually of 0.8%. so there is a wide range of possible outcomes. the danger for investors for businesspeople and consumers is that we get anchored on most vivid one, which might be the sharpest fall, that we change our behaviour and our views reflect that most vivid decline, and it becomes that. the thing we have to remember, particularly as investors, is that there is that broad range of outcomes, think about the situation. and finally, that we
the uk, the office for budget possibility gave its projection for the very short term to the end ofjune, a massive fall in the economy, a big hit for the uk. you like —— to give us your responsethat we are seeing people go through in the uk. but it is also important to say that all forecasts are uncertain, and these forecast have a particularly wide range of potential outcomes as the chancellor said last night, just heard again that we are forecasting something that we have never seen...
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that is what we have done and the office of budget responsibility said last week that the situation would have been much worse if it hadn't been for our actions but in everything we have done even in our defense against the immediate crisis we have also been sowing the seeds of our ultimate recovery as we look ahead and start to plan for our recovery it is critical we don't just maintain companies in jobs that already exist but that we also encourage the businesses jobs and technologies of the future innovation and entrepreneurship have powered growth in our country for centuries and it is what will drive our growth as we recover from this crisis to that end today i launched 2 initiatives to support the most innovative in the country worth 1250000000 pounds 1st. we are launching a new future fund worth 500000000 pounds to make sure the high growth companies across the u.k. well we just heard from the chancellor soon as they're giving the government's daily coronavirus press briefing he said his firdos scheme to help firms keep workers on the payroll turn a crisis was already helping 1000000 people that's out industry leaders claim
that is what we have done and the office of budget responsibility said last week that the situation would have been much worse if it hadn't been for our actions but in everything we have done even in our defense against the immediate crisis we have also been sowing the seeds of our ultimate recovery as we look ahead and start to plan for our recovery it is critical we don't just maintain companies in jobs that already exist but that we also encourage the businesses jobs and technologies of the...
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Apr 22, 2020
04/20
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FOXNEWSW
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try to craft a state budget under the circumstances, i felt it's incumbent upon me as the states legal officer to prosecute that case to the chinese government. they are responsible for the responsibility lies directly at their feet. >> tucker: have you had any pushback or disagreement on this? >> we feel confident in the ca case, the hoarding of ppe is one of our allegations and to some folks are being issued as to the federal sovereign immunity act but there are exceptions. there are exceptions for commercial activity, the fact that they were running the virology lab, they were running hospital systems, hoarding ppe, we think that's in the exception which is why we brought the case. >> other countries have been sued successfully, iran for example. really quickly, when will you find out if this case goes forward? >> we filed today in the eastern district in federal court, we look forward to the chinese government's response. this is about holding those responsible for this worldwide pandemic, holding them accountable. we look forward to them answering the complaint, it's been very specific. the factual allegations as far as the timeline and representations are very
try to craft a state budget under the circumstances, i felt it's incumbent upon me as the states legal officer to prosecute that case to the chinese government. they are responsible for the responsibility lies directly at their feet. >> tucker: have you had any pushback or disagreement on this? >> we feel confident in the ca case, the hoarding of ppe is one of our allegations and to some folks are being issued as to the federal sovereign immunity act but there are exceptions. there...
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Apr 22, 2020
04/20
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FOXNEWSW
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budget out of the circumstances. i felt it was incumbent of me as the state's legal officer to prosecute that case to the chinese government. they are responsible foronse billy lies directly at their feet >> tucker: have you had any pushback's or disagreements on this? >> we flow very confident on the case and we brought claims of negligence, the hoarding of pbe is one of our there are exceptions. there is exception for commercial activity and the fact they were running the virology lab, the fact they were running hospital systems, the fact they were hoarding ppe, we think it fit squarely in the exception which was why we brought the case. >> tucker: sure. othernt countries have been sued successfully. hydroxychloroquine for example iran for example. when will you find out when this case goes forward? >> we filed in the eastern district of federal cover down the court,holding those rer the worldwide pandemic, and we look forward to them answering the complaint.sw it's i been very specific, or complaint, the factual allegations, the legal claims are very merited. >> tucker: there are a lot of specifics out there. thanks so much for telling us tonigh
budget out of the circumstances. i felt it was incumbent of me as the state's legal officer to prosecute that case to the chinese government. they are responsible foronse billy lies directly at their feet >> tucker: have you had any pushback's or disagreements on this? >> we flow very confident on the case and we brought claims of negligence, the hoarding of pbe is one of our there are exceptions. there is exception for commercial activity and the fact they were running the virology...