Sunak announces local furlough scheme

by Myron Jobson from interactive investor |

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interactive investor expert comments on the chancellor’s new support package for jobs.

interactive investor comments on new ‘local furlough’ scheme

Lee Wild, head of equity strategy at interactive investor, says: “The penny has dropped at Number 11 that far more firepower is needed to prevent a wave of redundancies this winter as a Covid second wave takes hold.

“Just weeks after launching his new job support scheme, chancellor Rishi Sunak is having to extend help to workers at businesses that are closing down. This will be some comfort to those working in pubs and restaurants ahead of a crackdown on Covid expected on Monday. But, as with many other policies during the pandemic, there are more questions than answers, and having easy access and getting paid quickly will be critical if this scheme is to have the desired effect.

“There will be a cost, however, and it will be taxpayers who foot the bill further down the line. It is clearly a price the chancellor believes is worth paying, as the country faces further upheaval in the event that a new trade deal with the EU does not materialise.”

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