Chancellor Sunak warns that the UK’s economy will get worse before it gets better

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Chancellor Rishi Sunak has warned that the UK’s economy will get worse before it gets better as the country continues to battle the global pandemic.

Although there have been widespread oppositions to the new restrictions, he told MPs they were necessary.

This despite the government offering economy support to those adversely affected.

Fiscal stimulus provided so far amounted to more than £280bn, while 1.2 million employers had furloughed almost 10 million employees.

Three million people have also benefited from self-employment grants.

“Even with the significant economic support we’ve provided, over 800,000 people have lost their job since February,” he said.

“Sadly, we have not and will not be able to save every job and every business.

He further said the “road ahead will be tough” but the government is doing all that it can to get the UK back to levels seen before the pandemic.

Mr Sunak said he would “bear in mind” calls to extend business rate relief and provide further support for the hospitality sector at the Budget in March.

Shadow chancellor Anneliese Dodds accused Mr Sunak of being “out of ideas” and providing “nothing new”.

She said: “The purpose of an update is to provide us with new information, not to repeat what we already know.”