Summer statement: Rishi Sunak goes all out for jobs, leaving public finances for another day
Chancellor Rishi Sunak’s summer statement on July 8 was intended to show how the government can quickly end its emergency bankrolling of the economy, and let a re-energised private sector take the strain again. Since the lockdown was imposed in March, a furlough scheme has allowed shuttered firms to retain up to 9 million idled employees – over one-third of the workforce – at an Exchequer cost so far of £60 billion. When the furlough scheme ends in October, Sunak has announced that it will be replaced by a £1,000 bonus for each employee retained until January 2021, at a maximum cost of £9 billion. There is also the addition of a £2 billion work-placement scheme, to open up jobsContinue Reading