UK unemployment expected to double but chancellor argues against continued state support
It was hoped at the onset of the coronavirus pandemic that the economic fallout wouldn’t last too long. But as summer hurtles towards autumn, the catastrophic scale and persistence of the crisis is becoming increasingly clear.
Germany extending its furlough wage subsidy scheme from 12 to 24 months is a decision being taken against this backdrop. The longer the economic damage lasts, the more help Berlin estimates its economy will require to weather the storm. Unemployment around the world is climbing, with a steady drumbeat of job cuts announced by big-name companies with every passing week.