Posted on Tuesday, March 9, 2021
- The UK economy is predicted to grow by 4% over 2021 and 7.3% over 2022, set to recover to pre-pandemic levels by mid-2022. The latest forecast by the Office for Budget responsibility now expects a faster and more sustained economic recovery than forecast in November
- The government has announced that the furlough scheme will be extended until the end of September,. The scheme has supported over 11 million jobs since March 2020. Those in self-employment will also be entitled to further grant assistance.
- The unemployment rate rose to 5.1% in the three months to December, 1.3% higher than a year earlier and 0.4% higher than the previous quarter. The OBR now anticipate unemployment will peak at 6.5%, down from 11.9% in earlier forecasts.