Confirming the fears of many Britons, the Prime Minister said a large amount of job losses were “inevitable”.
At the Downing Street press conference he promised the Government would take an “activist” approach to reviving the economy.
He said: “I am afraid tragically there will be many, many job losses. That is just inevitable.
“We will be just as interventionist in the next phase, investing in the UK economy, investing in infrastructure, taking our country forward so that we bounce back as sharply and decisively as we can.”
He said he believed it was “vital” to ensure young people who were likely to be the hardest hit were guaranteed apprenticeships.
It comes just hours after a number of Tory Party MPs raised concerns to the Home Secretary Priti Patel about mass job losses in the aviation industry due to the Government’s quarantine rules.
The government is currently paying 80 per cent of workers’ salaries up to £2,500 a month for 8.4 million workers through its furlough scheme.
On Friday Chancellor Rishi Sunak announced that businesses must start paying towards the worker furlough scheme from August. It will be whittled down to 60 per cent in October before it is cut off.