Coronavirus Economic Recovery Package to come…
During his appearance at the recent Liaison Committee, Prime Minister Boris Johnson confirmed that a Coronavirus Economic Recovery Package would be brought to Parliament before the summer recess. This is due to begin on the 21st July, so we should expect some key announcements to come.
Concern is high that the economic recovery following Coronavirus will be slow, particularly given the level of borrowings undertaken by the Government to fund the various support packages.
Rishi Sunak has said that the UK faces a ‘significant recession’ as the economy shrunk 2% in the first quarter. He has also commented that this may be a recession that is far deeper and longer than we have seen before. However, the forecasting is incredibly difficult as there is no precedent for recent events.
That said, he has also stated that he wants the recovery to be as strong and as swift as possible, and the Recovery Package will play a key part in that.
During the Liaison Committee conversations, when asked whether we would return to ‘Austerity’, the PM ruled out the possibility. Treasury Committee chair Mel Stride suggested that we should expect an increase in taxes, but was told that the Recovery Package would include the full plans.
At this stage we have no further details of timing, or content, of any announcements, but will of course let you know as soon as we hear more.
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