The chancellor has warned the “economic emergency” caused by coronavirus has only just begun in the UK. In his Spending Review, Rishi Sunak said the pandemic would deal lasting damage to growth and jobs, and that it had triggered the largest fall in Britain’s economic output for 300 years. He added that the UK economy is expected to shrink by 11.3% this year and not return to its pre-crisis size until the end of 2022. And he confirmed a
pay freeze for most public sector workers and a cut in overseas aid. Our economics editor Faisal Islam says the UK economy remains “in rescue mode”. Read the key points from the chancellor’s statement, how the Spending Review will affect you and why some young people think Mr Sunak hasn’t gone far enough.