New figures from the Labour Party show the economic damage
done during the coronavirus pandemic – with the economy losing
more than £5 billion a week throughout the crisis.
It comes as Labour – alongside the TUC and the Daily Mirror
– launches the #LetsVaccinateBritain campaign to sign up tens of
thousands of people to NHS vaccination efforts.
The shocking stats reveal that the pandemic has:
·cost the NHS £1 billion a week
·cost the UK economy £5.3 billion a
week
·Seen 23,000 jobs lost a week
Labour’s Shadow Chancellor says the
figures show that that every person who volunteers or helps the
national effort “no matter how big or small” is helping to
“secure the economy, protect the NHS and rebuild our
country.”
, Labour’s
Shadow Chancellor said:
“Our country already faces the worst death toll in Europe
and the worst recession of any major economy. These shocking
figures show how every week that goes by, the damage is getting
deeper and deeper.
“Thanks to our brilliant scientists we now have a light at
the end of the tunnel. The vaccine must be rolled out swiftly and
safely: delays will cost the economy billions of pounds.
“That’s why Labour Party and trade unions are doing
everything we can to support this national effort: to secure the
economy, protect the NHS and then rebuild our country.”
ENDS
Notes to editors
·Labour, the Trades Unions Congress and the
Daily Mirror have today launched #LetsVaccinateBritain, a
campaign aimed to encourage thousands of people across the
country to sign up to the national effort for roll out the
Coronavirus vaccine.
·Cost to the NHS per
week:The November Spending Round allocated
£51.9 billion to the Department of Health and Social Care for
Covid-related spending in 2020-21. That means by the end of March
this year, Covid will have cost DHSC roughly £1 billion a week
(51.9/52)https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/938052/SR20_Web_Accessible.pdf
·Cost to the economy per
week: The OBR forecasts a £277 billion hit
to GDP in 2020-21 as a result of covid, meaning a £5.3 billion
economic hit per week between April 2020 (roughly concurrent with
the first lockdown) and the end of March this year.OBR EFO
November 2020, Supplementary Economy tables, Table 1.1https://obr.uk/efo/economic-and-fiscal-outlook-november-2020/
·Jobs lost per week:
The OBR forecasts that unemployment will peak at 2.6m in Q2
2021, compared to 1.4m in Q1 2020. This equates to an increase of
1.2m in the 52 weeks between these quarters, or 23,000 per
weekOBR EFO November 2020, Supplementary Economy tables,
Table 1.6https://obr.uk/efo/economic-and-fiscal-outlook-november-2020/
