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Rishi Sunak has warned that Britain faces a winter of rising unemployment as he said a new multibillion-pound spending package to boost an economy battered by Covid-19 would not be enough to prevent business failures and job losses over the coming months.
British public borrowing surged again in August to new record high, driven by huge outlays to combat the coronavirus pandemic, with the budget deficit so far this tax year overtaking its full-year peak during the global financial crisis.
The reversal of government advice to go to back to the office has devastated hopes of a steady recovery in the struggling economies of the West End and the City, and raised fears of a new wave of closures and redundancies in the shops, bars and restaurants that rely on spending by office staff.
Accounting firms continue to hire, despite the precarious situation of both the UK and global economy.
The UK’s accountancy watchdog has said it has delivered an initial report of KPMG’s audit of collapsed outsourcer Carillion, indicating it found a number of breaches made by the firm.