Reports suggest govt considering ‘massive’ package of support

The government is considering a “massive” package of measures to help the economy through the next phase of the coronavirus crisis, according to reports.

Boris Johnson suggested that Chancellor, Rishi Sunak, has been working on “creative and imaginative measures” to avoid a surge in unemployment when the Coronavirus Job Retention Scheme ends at the end of October.

The announcement during Prime Minister’s Questions came after the Financial Times had earlier revealed that Sunak is drawing up plans for a new programme to subsidise workers’ wages.

Reports have also indicated that the Treasury is looking at schemes in France, Germany and Spain that have helped companies unable to bring back employees on a full-time basis because of coronavirus.

Labour leader, Sir Keir Starmer, said the threat to employment was “not theoretical” and cited the TUC, the CBI, the Federation of Small Business, the British Chamber of Commerce as well as the Governor of the Bank of England who have all called on the government not to withdraw furlough.

TUC general secretary, Frances O’Grady, has suggested the fovernment must “come forward” with a new jobs protection plan.

“It’s clear that this pandemic will not be over by Christmas – so neither should state support for jobs,” O’Grady commented. “The PM says he will put his arms around the workforce. Let’s see him prove it.

“Warm words will not pay the bills or save livelihoods. The government must come forward with a new jobs protection and training deal that support short-time working to stop the disaster of mass unemployment. Ministers cannot watch from the side lines as good jobs go to the wall.” 

Sunak has confirmed he will provide an update to the House of Commons on Thursday afternoon.

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.