COVID MINI-BUDGET IN BRIEF: Key points of the summer statement at a glance

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COVID MINI-BUDGET IN BRIEF: Key points of the Chancellor’s summer statement at a glance

By Alex Sebastian For This Is Money

Published: | Updated:

Chancellor of the Exchequer Rishi Sunak answering a question in the House of Commons

Chancellor of the Exchequer Rishi Sunak is delivering a special summer economic statement to MPs as he seeks to get the economy back on track after the lockdown prompted by the pandemic. Here are the key points of his address:

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  • Sunak began by saying the lockdown forced the economy to contract by 25 per cent as businesses shutdown and people stayed at home. 
  • The furlough scheme cannot and should not go on forever Sunak said. Calling for endless extensions is irresponsible and would give many people false hope, he added as he confirmed its October end date. 
  • Sunak said he knows people are ‘worried still’, anxious about losing their jobs, about unemployment rising.
  • He wants wants every person in this House and in the country to know that he will ‘never accept unemployment as an unavoidable outcome’.
  • He said £49billion has been provided to public services since the coronavirus crisis began.
  • The second phase of the Government’s plan is about jobs, with the third phase focused on rebuilding.
  • A new ‘jobs retention bonus’ will reward and incentivise employers who bring furloughed staff back. 

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