The UK’s Rishi Sunak unveiled new stimulus worth up to 30 billion pounds. A tax cut for homebuyers and restaurant subsidies might help, but his best ideas encourage employers to retain workers and hire young people, writes swahapattanaik:
British finance minister Rishi Sunak on July 8 announced fiscal measures that will cost up to 30 billion pounds to help the economy recover from the damage caused by the Covid-19 lockdown.
Measures included a plan to pay employers 1,000 pounds for every worker who returns to their job after the UK furlough scheme expires at the end of October and remains continuously employed through to the end of January 2021. Sunak also announced a 2 billion pound fund to create six-month work placement jobs for 16 to 24-year-olds who are deemed to be at risk of long-term unemployment.
Other measures included a cut in value-added tax for the hospitality and domestic tourism sector that will last for six months and a temporary reduction in property purchase taxes. The first measure will cost 4.1 billion pounds, while the second will cost 3.8 billion pounds, according to a document published after Sunak spoke to parliament.
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