Office For Budget Responsibility News

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Number of furloughed employees hits 8.4 million

The Treasury has said that 8.4 million workers have now been furloughed under the government’s Job Retention Scheme, an increase of around 400,000 on last week.

Annual borrowing to equal 15.2 per cent of the economy, OBR says

The Office for Budget Responsibility [OBR] has forecast annual borrowing to equal 15.2 per cent of the UK economy, after the cost of the government’s Covid-19 response rose to £123.2 billion.

Covid-19 impact will be worse than 2008 recession, Driver Require report says

Specialist driver recruitment agency Driver Require has released an in-depth analysis on how the Covid-19 pandemic will affect the economy, speculating that a U-shaped global recession is the most likely outcome, and it may take until 2025 for GDP to return to pre-pandemic levels.

OBR warns of UK recession in no-deal Brexit scenario

The Office for Budget Responsibility has warned that the UK will enter recession in 2020 should the prime ministerial candidates follow through with a no-deal Brexit.

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Ministers open-minded about vaccine passports