Friday, October 23, 2020

Rishi Sunak Announces New Stimulus Package - Targets Workers & Traders!

 British finance minister Rishi Sunak said he had to offer more in his third stimulus plan announced today to reduce the impact of the Covid-19 pandemic on the economy.

Sunak has told parliament that the government will bear a greater burden to pay staff salaries, reduce the time they have to work to return to work and will offer more money to hospitality companies and the self-employed.

Sunak added that the UK economy was under pressure and there was a risk that workers would lose their jobs. Therefore, he stressed that this financial assistance is timely because it can drive economic growth and reach more levels of society.

The announcement follows a dispute between Boris Johnson and several local leaders in the north of the UK who have accused the UK administration of offering little help. Not only that, the UK administration is also facing criticism from economists over the results announced last month.

The UK is now reported as one of the worst-affected countries by the pandemic with more than 44,000 deaths due to Covid-19 infection. The country is currently facing a second wave of Covid-19 infection with a total of 26,688 new cases recorded on Wednesday.

An example of this larger financial assistance package is to reduce the number of reductions in the private sector. It will be launched starting October 1. Sunak claims it is one of the most ‘generous’ stimulus packages.