Take-away and 'job retention scheme' to save the UK economy
Rishi Sunak
After monthsoflockdown, the UK economy has reopened and the locals are hoping that the British government will be able to bring the country out of the stagnancy and the downward spiral of the economy.
British Finance Minister Rishi Sunak is urging people to 'eat out to help out'. He feels this will help the economy by generating revenue and more jobs.
To encourage people to dine out, the British government has announced a new dining discount plan that will give people a 50 per cent discount at participating restaurants, cafes and pubs between Monday and Wednesday up to a maximum £10 per person in the month of August.
In addition to this, Sunak has assured people that he will do everything he can to bring the economy out of the downward spiral by October.
The UK has not seen a sharp increase in the unemployment rate, when compared to other countries. The main reason behind this has been the British government's 'Job Retention Scheme', whereby the government has been paying the majority of the salaries of workers who were not fired.
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As per the reports, nearly 1.1 million employers have taken advantage of the program, which has costed the government nearly £27.4 billion ($35 billion).
Now the British government will beintroducing a new program under which the government will pay the companies£1,000 bonus for hiring back each employee who was furloughed. This can cost the government an additional£9.4 billion.
The government is hoping to protect as well as generate as many jobs as possibleduring the recession. "People need to know that although hardship lies ahead, no-one will be left without hope," he told the lawmakers.
"Leaving the furlough scheme open forever gives people false hope that it will always be possible to return to the jobs they had before," he said. "The longer people are on furlough, the more likely it is their skills could fade, and they will find it harder to get new opportunities."
Sunak is hoping these programs and discounts will help the UK economy out of recession, after it shrank 25 per cent. Many economists think unemployment could more than double to over 3 million this year, to levels last seen in the 1980s.
(With inputs from agencies)