The UK is facing "a rough ride until at least the middle of 2021," says Trevor Williams, the former chief economist at Lloyds Bank Commercial Banking. 

Williams says the British economy is likely to be struggling until the benefits of a coronavirus vaccine start to take effect.

On Wednesday, the UK's finance minister, Rishi Sunak, unveiled his spending plan for next year. Speaking in the House of Commons, he said borrowing is expected to hit almost $527 billion this year, which is equivalent to 19 percent of GDP – the highest level in post-war history.

Williams told CGTN he believes austerity is not the way out of the economic crisis and the UK should consider extending its job support scheme. "More firms will likely shut down, there will be further rises in unemployment and therefore I think there's more risk of unemployment peaking at more than 7.5 percent," he said. 
 

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In order to start recouping some losses, Sunak announced a public sector pay freeze affecting around 1.3 million workers. However, some National Health Service staff earning less than $32,000 will get a salary rise. He also announced the UK foreign aid budget would be cut to 0.5 percent of gross national income. 

Williams added that many Asian countries that have more experience with health crises are reporting less of a hit on their economies. He also said, despite the high death toll, the U.S. economy is performing better than the UK economy because it is more flexible.