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Think Tank Urges UK Gov’t to Create $250Bln Stimulus Package to Ensure Economic Recovery

© AFP 2021 / GLYN KIRKA shopper walks past an advertisment for the UK government's NHS Test and Trace system in Regent Street in London on June 15, 2020 as some non-essential retailers reopen from their coronavirus shutdown. - Various stores and outdoor attractions in England are set to open Monday for the first time in nearly three months, as the government continues to ease its coronavirus lockdown.
A shopper walks past an advertisment for the UK government's NHS Test and Trace system in Regent Street in London on June 15, 2020 as some non-essential retailers reopen from their coronavirus shutdown. - Various stores and outdoor attractions in England are set to open Monday for the first time in nearly three months, as the government continues to ease its coronavirus lockdown. - Sputnik International
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MOSCOW (Sputnik) - The United Kingdom’s economy will require a further stimulus package of 200 billion pounds ($249.3 billion) to ensure the country’s recovery from the financial disruption caused by the coronavirus disease pandemic, the Resolution Foundation think tank said in a new report on Tuesday.
“A £200bn fiscal stimulus should therefore focus on protecting jobs and supporting spending in hard-hit sectors of the economy, and reflect the fact that low-income households have found it far hardest to cope,” James Smith, research director at Resolution Foundation, said in a press release.

According to domestic media reports, Sunak is considering a voucher scheme proposed by the think tank that will see citizens given hundreds of pounds to spend in the UK’s hard-hit retail and hospitality sectors. A new trainee scheme helping young adults get into work is also expected.

“The measures the Chancellor announces in his mini-Budget tomorrow need to be big enough to reflect the size of the crisis we face, targeted at the sectors that need the most support, and flexible enough to cope with the uncertainties that lie ahead,” Smith said in the press release.

The Resolution Foundation has called on the chancellor to back the voucher scheme, which will cost an estimated $37 billion, and also provide $21.2 billion annually to retain and protect jobs in the economy’s most affected industries.

A man seen outside a job centre, in west London (File) - Sputnik International
COVID-19-Battered UK Economy Reels from Sharpest Fall in Decades, Revised ONS Data Shows

As part of efforts to reopen the economy, the UK government allowed pubs, bars, restaurants, hairdressers, hotels, and cinemas in England to reopen this past Saturday.

The UK Department of Health and Social Care has confirmed 285,768 cases of COVID-19 since the start of the outbreak. On Monday, public health officials confirmed 352 new positive tests over the preceding 24 hours.

Chancellor Rishi Sunak is expected to present a so-called mini budget on Wednesday that will set out the government’s plans to create jobs and stimulate economic growth after months of lockdown.

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