Treasury Chancellor Rishi Sunak gave the strongest allusion yet that he is preparing plans to support jobs in the UK as the government program will end next month, meeting a key demand from businesses and the opposition Labor Party.
Sunak, speaking in Parliament after data showed the economy lost nearly 700,000 jobs during the coronavirus-induced recession, acknowledged that “businesses need support”. He was answering questions from Treasury Committee Chairman Mel Stride if he would provide more assistance after the end of October.
“I hope “he will make sure that throughout this crisis I have not hesitated to act in creative and effective ways to support jobs and employment and I will continue to do so,” Sunak said.
While the finance minister is not yet planning to extend the program further beyond October 31, he is preparing new measures to support jobs, according to two people familiar with the issue.
The government has been under increasing pressure to secure more support amid repeated warnings that unemployment is heading to levels not seen since the job crisis of the 1980s. Morgan Stanley said this month that a targeted approach to industries tangible would have a “relatively modest” net cost of 3 3 billion ($ 3.9 billion.)
Tuesday’s data showed employment fell by 102,000 in July even when the economy reopened. The pandemic also finally began to filter down the unemployment rate – so far mitigated by the furlough program – pushing the one-month figure higher since 2013.
Study groups estimate that up to 3 million people will still be able to pass the time when the program disintegrates.
“The critical period will be October and the number of people coming from holding the job scheme in the jobs and the number that have a job “, said Philip Shaw, chief economist at Investec Bank Plc. “What is difficult is fiscal policy and what the chancellor will do.”
Sunak told the Cabinet earlier Tuesday that “keeping people out of work indefinitely is not the answer. But rest assured we will be creative in finding ways to help people effectively.” Comments were reported. earlier by The Sun newspaper.
(Updates with comments from an economist in the seventh paragraph.)
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