A source said on Sunday that the British government is working on a recovery plan for the country’s economy affected by the Coronavirus, at a time when ministers are directing their attention to trying to restore growth to companies badly affected by the epidemic.
British Prime Minister Boris Johnson and Finance Minister Rishi Sunak have broken the traditional pro-market instincts of the Conservative Party as they are on their way to spending 280 billion pounds of public money this fiscal year to shore up jobs and businesses. The government source said the Finance Ministry and Cabinet Office were working on a recovery plan after the Sunday Times reported that the government would present a long-term scheme that is likely to mean a decade-long rise in government spending.
The Sunday Times also said that Snack would use his budget on March 3 to extend government relief, including a job protection plan, business support loans, cuts in value-added tax, and possibly lower stamp duty on property purchases that are due to expire at the end of March. , Until virus control.
Earlier this month, many British employers called for another £ 7.6 billion in immediate government assistance, saying they could not wait until the March budget.
The Sunday Times said Sunak would also announce that subsidy programs will be phased out, possibly this fall, in favor of a “jobs plan” to start employment and a “growth plan” to boost new industries.