The British government has committed an additional £38 billion in stimulus spending to help the nation emerge from its economic shutdown and begin a return to a normally functioning economy.
The measure includes:
- payments to businesses for keeping furloughed workers on the payroll and also for hiring young people;
- tax cuts in the hospitality sector and for home purchases;
- grants to make homes and public buildings more energy-efficient.
The plan is more modest than Germany’s, announced last month, and critics doubt the price tag is large enough to spur consumer confidence.
The government will announce additional stimulus measures in the autumn, said Rishi Sunak, Chancellor of the Exchequer, or head of the treasury department.
TRENDPOST: As with the U.S. bailouts, large portions of the U.K. money is going to the Bigs – many of them off shore companies – with peanuts for the peasants.
As with the U.S., the stimulus will prove much too little to reverse sharply sinking economies.