Sunak's winter economy plan: Job scheme, extended loans for firms

Economists - and the chancellor himself - warned Thursday's package, while saving some jobs, won't stop a wave of redundancies when the current more generous program ends.

Chancellor of the Exchequer Rishi Sunak set out his plan to rescue millions of jobs and businesses from a winter crisis as the coronavirus pandemic again threatens to derail the UK economy.

In an emergency statement to Parliament, Britain’s finance minister announced that a six-month “Job Support Scheme” to subsidise the wages of people in part-time work. He also extended loans for companies hit by Covid restrictions, with extra flexibility for repayments. He also extended reduction of value added tax to 5 per cent for the hospitality and tourism industries.

Economists — and the chancellor himself — warned Thursday’s package, while saving