The warning came from David Blanchflower who was a Bank of England official during the 2008 credit crunch. Blanchflower warned that unemployment is now increasing at the fastest rate in living memory. After the Wall Street crash in 1929, unemployment was 15.4% in the UK, but Blanchflower warns that the coronavirus could push the figure to six million, or 21%.
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“The government has tried to respond, but has no idea how big the problem is going to be.
“We are doing backplane calculations and they are scary. “
Businesses have been hit hard by the pandemic around the world.
In Britain people have been warned to only go out for essentials and to work from home if they can.
Due to the collapse of economic activity, companies were forced to lay off workers.
The government has pledged to cover 80 percent of the wages of workers on leave.
According to government figures, the US economy lost 701,000 jobs in March.
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According to the most recent figures, in the United Kingdom, 4,313 people died from coronavirus.
A total of 41,903 people tested positive according to the Ministry of Health and Social Affairs.
The department also turned to Twitter to promote a mental health wellness campaign in the midst of the crisis.
The advice is to stay in touch with people through calls and social media, talk about your concerns, help others when you can while following official guidelines, get ready and stay in shape .
Other tips include getting information from credible sources and checking the facts before reading, while you may also want to consider limiting the amount of time you spend watching, reading, or listening to the coverage of the epidemic, including on social media, and remember to turn off last minute alerts on your phone. “
People are also advised to focus on the things under their control, do the things they like, focus on the present, and make sure you sleep well.
The ministry also announced that it has presented a strategy to allow testing.
This involves testing those in medical need, critical NHS workers, to deliver an antibody test, to learn more about the disease, and to build a mass capacity testing infrastructure.
It is hoped that with an antibody test, people can find out if they got it and beat it, allowing them to return to work more quickly because they will have developed immunity.
For confidential support, call the Samaritans of the United Kingdom at 116 123.