Covid-19 second wave pushing UK to brink of double-dip recession

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Job losses at fastest rate on record as economic recovery from first lockdown loses steam

The government will close the furlough scheme this weekend, with redundancies rising at the fastest rate on record and the second wave of Covid-19 pushing Britain’s economy to the brink of a double-dip recession, according to a Guardian analysis.

As the chancellor, Rishi Sunak, prepares to end the multibillion-pound coronavirus job retention scheme and launch a less generous replacement programme, early warning indicators show business activity faltering as local lockdowns take effect. The number of people losing their jobs is rising much faster than during the 2008 financial crisis, while the economic fightback from the March lockdown is gradually fading.

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