The COVID Diaries – 101 8th July
Chancellor Rishi Sunak announced a range of measures today that he hoped will kick start the economy, but economic experts and trades unions questioned whether his “plan for jobs” had done enough to tackle the looming crisis and criticised the decision to phase out the furlough scheme in October.
Announcements included a short-term cut in VAT for hospitality and tourism and an August “eat out to help out” discount scheme as the government sought to send out a message to the public that it was safe to leave their homes and enjoy themselves.
The chancellor also attempted to revive the housing market with a stamp duty holiday – raising the threshold in England and Northern Ireland to £500,000 – as well as creating subsidised jobs for young people and providing targeted support for the sectors hit hardest by the lockdown.