Chancellor unveils £30 billion “Plan for Jobs” as mass unemployment looms – BBC News

by birtanpublished on July 9, 2020

The prospect of mass unemployment and aprolonged economic crisis in the wake ofthe pandemic has prompted the Chancellorto unveil a series of measures amountingto 30 billion pounds he set out thedetails in his summer statement to theHouse of Commons Ritchie soon ak said

That firms would be paid a thousandpounds for each employee brought backfrom furlough and kept in employmentuntil at least January of next year forthe under 25s there's a 2 billion poundKickstarter scheme to create thousands

Of job placement and get young peopleinto work stamp duty has beentemporarily abolished on property salesup to half a million pounds in Englandand Northern Ireland there would be atwo billion pound green homes grant to

Make homes more energy-efficient v80will be cut from 20 percent to 5 percenton food accommodation and attractionsfrom next wednesday until the middle ofJanuary and this August there'll be 50%off meals in participating restaurants

Worth up to 10 pounds ahead from Mondayto wednesday our political editor LauraCoons Berg looks at the detail of theChancellor's summer statement goodmorning six o'clock on Wednesday the endof July where we live now a place to

Work where we travel now full ofabandoned platformsa different look where we spent ourmoney where we shop still oftenshuttered up the reality millions ofjobs are at risk so where the decisions

About the economy are made theChancellor might be forgiven forglancing nervously at the camerasJoseph's Exchequervicious UNIX words today awaited far andaway from this chamber people are

Anxious about losing their job aboutunemployment rising we're not just goingto accept this people need to know thatalthough hardship lies ahead no one willbe left without hope the government willnot keep paying the wages of millions of

People whose jobs have been on holdpassed the autumn leaving the furloughscheme open forever gives people falsehope that it will always be possible toreturn to the jobs they had before sotoday we're introducing a new policy to

Reward and incentivize employers whosuccessfully bring furloughed staff backa new jobs retention bonus our messageto business is clear if you stand byyour workers we will stand by youperhaps as much as 9 billion for

Businesses who make it a cut to stampduty and for parts of the economyshuttered by the crisis a big cut invatsthe best jobs program we can do is torestart these sectors and get our pubs

Restaurants cafes and B&Bs bustlingagain so I've decided for the next sixmonths to cut fat on food accommodationand attractions complete with for thefirst time an offer to entice you tospend for the month of August

We will give everyone in the country andeat out to help out discount but theChancellor has his eye on a lot morethan helping you with a holiday mealdeal it is an unambiguous choice to makethis moment meaningful for our country

In a way that transcends the frustrationand loss of recent months it is a planto turn our national recovery intomillions of stories of personal renewalhe can offer hellothe Chancellor can't know if business

Will really bring back all of theirstaff can he tempt you back to the stillempty spaces where much of the countrymakes its living and will coronavirusroar back to ruin his plansthe very first thing the Chancellor must

Do is prevent additional economic damagedue to the slow public health responseof his government as we've seenthroughout this crisis the failure tomatch soaring rhetoric with meaningfulaction has consequences for people

Across our countrypoliticians can try to lure the economyback to life but it's business that willreally determine how far the economyFalls companies are going to be facedwith making hard decisions about laying

People off knowing that recovery isgoing to take time you think about thehospitality industries think about tunasbusinesses in many respects they'regoing to be facing three winters havecome through the winter there's not much

That's happening for them today andwe're going to go into the winter lateron this year they need support rightthrough to the spring of 2021 and if notthey're going to be making peopleredundant don't think this meets the

Moment we've got a historic economicrecession and that's linked to theclimate change challenge and there'sgoing to be the challenge of brexit thisis a massive challenge for our economyand Liberal Democrats would like a much

Bigger package speaker for now theTories are willing to borrow and spendin a way that labor might be morecomfortable with for the different ToryChancellor put a marker down interestrates will not stay low forever and

Eventually we will need to bring backour national debt under controlin order to sustain a recovery andcontinue to create jobs and to keeptaxes lowclosed doors have cost the economy dear

Jobs disappearing day by day theChancellor promised big checks toprevent the worst but today was abouthow to spend not about how to paylawrenceburg BBC News Westminster as weheard many businesses have been

Struggling with that difficult decisionon what to do with their furloughedemployees in themahead now the job retention bonus schemeis offering to pay one thousand poundsto employers for each furloughed

Employee brought back in and kept inwork until the end of January while theemployee must be paid at least 520pounds a month the Chancellor alsopledged the two thousand pound paymentto firms for every young apprentice

Taken on in the next six months ourpolitical correspondent Alex Forsyth hasbeen assessing reaction today in theEast Midlands for some businesses thedoors are still shut the trampolinesadly still had his Park in North

Nottingham sure caught between leisureand indoor sport this is a sectordesperate to get going again not leastfor the sake of the staff I'm excited toget back open but then there's also thethe dread of what if we can't open

Employees here all on the furloughscheme welcome support but that ends inautumn and unless this business can opensoon even the promise of a bonus forevery job saved might not be enoughthere be nice to have but it would be

Difficult and definitely keepingeverybody on the books would be sort ofreally hard to so I do and we've gotbetween 20 25 members of staff herehopefully we don't have to get to thatsituation where we are you know letting

People off and things butso as a possibility which is quite southbeing open is key that's it yeah that'swhat we want to do so many businesseshave been hard hit high street namesalready shedding jobs retail hospitality

Often sectors that employ young peoplemany now struggling for work in a toughmarket like Jack unemployed sincelockdown put paid to his plan job at alettings agency jobs have been added tothree days before on job size and

They've gone already he will be eligiblefor the government's new schemesubsidizing six-month placements to getyoung people working with so manyworried about unemployment in the longterm so that's six months would be a

Perfect stopgap I mean I was only hopingto be a month or two out of it and hereI'm four or five months later nearly soit's a real worry in my case that even Icould be long-term unemployed and I'venot been out of a job since 14 skills

Training study schemes all part oftoday's attempt to stem unemploymentparticularly for this generation therewas extra money for apprenticeships butsome want more Ferenc new workplacements without more skills support

Won't lead to long term jobs anyone thatthere undertakes an apprenticeship it isgonna have some fantastic skills at theend of that and I don't feel that asix-month placement on minimum wagewithout training would be doing justice

To our economy really some do feelsecure even in these tough times LianaMathews HGV training has been on pausebut they believe they'll still be demandfor their skills I'm feeling confidentif – I don't think I'm going to be

Affected that much they're still makingus feel secure and that we've got a jobto go back to for many though the futureis uncertain crucial will be whether thegovernment's plan is enough not only tosave some jobs but create others no

Small challengeAlex coresight BBC news so thehospitality and tourism industries amongthe hardest hit by the pandemic arebeing given a helping hand with atemporary v80 cut the half price voucher

Scheme next monthbut will it boost those businesses stillstruggling and will it encourage morepeople to spend some money ourcorrespondent Sarah corker has beentalking to people in Manchester

The lunchtime rush in manchester citycentre outdoor space is helping to keepcustomers apart but for some placessocially distance dining just isn'tfinancially viable and so thegovernment's eat out discount is

Designed to boost trade and enticecustomers back so I think it would haveto persuade people to go and it wouldpersuade you even they develop even moreso ever with that persuade you to go outand eat not me particularly because a

Lot of my families still need to beshielding so it's a bit not okay with usbetween Monday and Wednesday in Augustit doesn't include alcohol andbusinesses can sign up via a governmentwebsite they then claim the money back

And the funds are back in their bankaccount within 5 working days this cafeowner told me the extra support wouldmake surviving this year likely for manytraders it's really good to incentivizepeople to go out and spend within the

Industryhopefully I'll give the industry areally good boost and small businessescan thrive as opposed to just just getback and from next Wednesdaydat will be cut for six months some

Hospitality bosses though say thegovernment could have gone even furtherI think it's to be welcomed that there'sa VA a tea cup down to five percent Idon't know why they didn't make it zeropercent that's what was really should be

Called for a lot of paperwork buthopefully it will be passed on to thecustomer and people were will to dineout cheaper and not regard it as such abig explainfor those venturing out tonight it is

Still a very different dining experienceManchester's famous nightlife nowherenear back to normal but these measuresare music to the ears of the UK's 32million hospitality workers Sarah corkerBBC News and Manchester let's talk about

The furlough scheme which will end inOctober because that's been the biggeststate economic intervention since theSecond World Warwhat will the Chancellor's and hemeasures cost and how will the Treasury

Pay for all of thisour business correspondent – Eenie davidhas more details big numbers for a bigplan the message on rishi sunix Twitterfeed was clear but it is enough to stopthe clock from turning back to the 1980s

Those Lost years of mass unemploymentand hardship at present the governmentis paying the wages of 94 millionemployees and that of 27 millionself-employed people as those schemesare wound down the challenges to prevent

That turning into massive layoffs butthe current plans cost seventy billionpounds the package replacing that isworth less than half as much at most 30billion pounds he's hoping he'sincentivized businesses and consumers

And workers themselves to pick up theslack it's a gamble but it's a changethat had to happen you need to move andmove gradually to some different thingsso supporting people into new jobshelping young people into new jobs

Rather than just keeping the wholeeconomy and aspect which is what theprevious set of decisions were reallyall about some help has been targeted atthe under 25s one in four of them arecurrently on furlough schemes but

Potentially the biggest sum of all up tonine point four billion pounds has beenearmarked for staff who retained of allages once these schemes end as a bonusbut the actual number depends on howmany are kept on now some say this could

Merely deferpotentially push-out delay that spike inunemployment which some economists fearcould top nine percent so there could bemuch work yet to be done in that autumnbudget in particular on job creation we

May also learn more in the autumn abouthow he intends to fund all of this it'snot just about jobs today it was alsorevealed that the government has pouredan extra forty nine billion pounds intopublic services to help fight this

Crisis including 15 billion on PPE thatmakes it even more likely but thespending shortfall could top 300 billionpounds this year so you may have to seechanges to tax or even benefits likepensions to plug that gap borrowing may

Not be enough it's easy to be popularwhen you're splashing the cash less sowhen you're asking for it back for theChancellor the toughest choices may lieahead and that's even before we talkabout the risks of a second wave

Yoshimi David BBC News spoke a littlemore with our business editorSimon Jack Simon we've been through lotsof the measures here I'm wondering firstof all how has it all been received andwhat for you is the biggest area of

Concern out thereI think it's been widely welcomed the 80cut tick a lot of people asking for thatextra help for job creation for youngerpeople but the central question thespecter that haunts this economy is how

Many of the nine million people who arefurloughed will have a job by the end ofthis year and that is a starkcalculation for business are theyprepared to but to shoulder anincreasing burden of the furlough cost

Have it withdrawn at the end of Octobercontinue to pay wages till the end ofJanuary all to get a 1,000 pound bonusmaybe the sums don't add up and I thinkRitchie soon act when he said it's notall about economics it's hairy respond

We have a moral duty I think herecognized in stark economic terms thecarrot at the end of that process isprobably not big enough for business tobite okay many thanks Simon after ourbusiness editor with the business

Perspective what about the politicalcontext let's go to Westminster andLaura's there for a Sorak Ginsbergwouldn't we look at the politicalrationale behind this statement Laurawhat's your reading of that well Hugh

This is a really big moment at any othertime this would be seen as an absolutelyenormous gigantic whopping price tag forany government to put into the economyand a pretty strange thing for aconservative Chancellor to have

Announced but you know we're not innormal times one cabinet minister saidto me tonight we have to sow the seedsto bear the fruit and I think todayconfirmed that at least for the timebeing coronavirus has brought in an era

Of big government spending and biggovernment intervention in the economybut there are two really importantthings to bear in mind right now withinterest rates rock-bottom for theforeseeable future there's no immediate

Political clamor to decide to say howand when all this money is going to bepaid back that's a completetransformation of the economic debatethat we had a few years ago but thattime will come and there are a private

Shivers on the Tauri back benches aboutspelling that out and we won't know anydetail of how the Chancellor plans topay this back until the budget in theautumn and the second thing tounderstand is although the Chancellor is

Willing to write enormous checks youwon't find a single MP in Westminsterwho isn't still worried that potentiallya big number of their constituents maylose their jobdespite the scale of the interventions

Despite all the Chancellor's words inthe Commons it is clearly the case thatunemployment is going to go up and whathas happened here today is not a radicalset of moves being unveiled by agovernment intent on transforming the

Economy for the better it's a series ofexpensive measures by a Treasury tryingto manage the hardship that is comingdown the tracks and giving theuncertainty about the virus itself onething we can be sure of tonight this is

Very unlikely to be Russia soon actslast words on this very difficultsubject once again many thanks Laurakeansburg there with her analysis atWestminster

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