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UK Treasury Secretary Pledges To Win Unemployment
UK Treasury Secretary Rishi Sunak plans to allocate £ 30bn to prevent rising unemployment.
He also pledged to fill the budget gap in the medium term.. Rishi Sunak intends to continue to use all kinds of government instruments to support the economy.
«I want everyone in this country to know that I will never accept unemployment as an inevitable result.», – he told parliament.
«We have not done everything that we have planned to deal with the consequences of the pandemic. In truth, this work has just begun», – added the minister.
UK economy contracted 25% in March and April, and recovery in worst-hit sectors is far from complete.
According to the plan, employers will pay £ 1,000 by October to every worker returning from open-ended leave, provided that the employee works for the company at least until the end of January..
With more than 9 million jobs covered by this program, the payout could be £ 9.4 billion.
To help the hospitality and tourism business, which are severely affected by the restrictions imposed, the value added tax will be reduced (from 20% to 5%) within six months..
The UK has been hit harder by Covid-19 than the rest of Europe. Almost 45 thousand deaths confirmed in Foggy Albion.
Sunak also said he plans to allocate another £ 3bn to improve the energy efficiency of homes, municipal and public buildings, which will support more than 100,000 jobs..
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Some employers are asking Sunak to cut also the social security contributions they have to pay for each employee..
Economists believe that this plan is unlikely to accelerate the country’s recovery from the crisis.
«Despite all the efforts of the authorities, we still expect GDP to be 5% below its pre-crisis level by the end of this year.», – said the economist Samuel Tomb.
Seeking to revitalize the housing market, Sunak wants to raise the floor on property purchase tax to £ 500,000, four times its current level..
The IMF predicts that the UK economy will fall more than 10% this year. This is more than in the USA and Germany, but less than in some other European countries..