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“The UK is facing a recession likes of which we haven’t seen,” British finance minister Rishi Sunak said on Tuesday.

Key takeaways

“Jury is out on what the economy will look like after the crisis.”

“The longer the recession, the greater the likely scarring.”

“Virus impact on the labour market is expected to be severe.”

“Official forecasts point to a double-digit jobless rate.”

Market reaction

The UK’s FTSE 100 Index paid little to no mind to these comments and was last seen down 0.85% on the day at 5,998 points. Meanwhile, the GBP/USD pair is up 0.47% at 1.2247.