UK Finance Minister Rishi Sunak has promised to do whatever it takes, including a five-month extension of Britain's employment subsidy plan to support the economy as coronavirus restrictions are lifted gradually.
While the country is still stuck in the third lockdown, the government will continue to pay 80% of salaries for those who follow the subsidy program until the end of June, according to the Treasury in a statement.
The next plan is Sunak’s annual budget budget which will be announced on Wednesday, where it will respond to requests from business groups and trade unions for further support.
This will help prevent the rise of unemployment and increase the expenditure which has reached almost 300 billion pounds by the government to combat the impact of the epidemic that has caused a major recession in the country.
Many companies have been under pressure since Brexit after Britain left the European Union (EU) single market on January 1 and the government faces a major investment challenge to fulfill its promise to create a carbon-free economy by 2050.
Apart from that, Sunak is also expected to announce a tax increase to cover the growing government spending.
