UK Chancellor Rishi Sunak is facing mounting pressure to provide more financial support to businesses and workers affected by the latest Covid-19 restrictions. Sunak, who has previously extended the furlough scheme, is being urged to introduce targeted wage support for sectors hit hardest by the new measures. These include hospitality, retail and leisure industries, which have been severely impacted by the tiered restrictions and national lockdowns.
Trade unions and business groups are among those calling for action, expressing concern over the potential for mass redundancies. The Confederation of British Industry (CBI) has warned that without additional support, many companies could be forced to close permanently. The Trades Union Congress (TUC) has echoed this sentiment, highlighting the need for an urgent extension of the job retention scheme.
Despite these calls, the Treasury remains resistant, arguing that its existing support measures are sufficient. It emphasises the £280bn committed to protecting jobs and businesses since the start of the pandemic, including the furlough scheme, business grants, and loan schemes. The Treasury insists that these measures are more generous than those offered by most other countries.
Critics, however, argue that the current support is not enough to prevent widespread job losses and business closures. They are calling for a more sector-specific approach, focusing on those industries most at risk. The Chancellor is expected to face further pressure to act in the coming weeks.
Go to source article: https://www.ft.com/content/7cea944c-2863-43c7-ae9f-c28c76f2f7b7