UK Chancellor Sunak likely to unveil 500 million pounds in aid to tackle unemployment

On Monday, at Conservative Party Conference, Chancellor of the Exchequer Rishi Sunak is expected to announce a 500 million pounds plan to aid and combat unemployment in the UK. It is anticipated that Sunak will commit to double down on job-market support, assisting those who are looking for work following the conclusion of the government's furlough scheme.

The chancellor is also expected to lay out his vision for the economy of the country, which would be restructured around technology and innovation. "With enhanced infrastructure and improved skills we are going to make this country not just a scientific superpower, not just the best place in the world to do business, I believe we're going to make the United Kingdom the most exciting place on the planet," Sunak said, as quoted by Sky News.

The proposed unemployment aid of 500 million pounds will go towards extending a number of government programmes, including the Kickstart Scheme, which provides funding for those aged between 16 to 24 to find work, and the Job Entry Targeted Support (JETS) programme, which assists people who have been unemployed for more than three months. Furthermore, the chancellor is anticipated to provide incentives to businesses that hire apprentices.

UK Conservative Party Conference

This year's Conservative Party Conference takes place against the backdrop of rising food prices, residential energy bills, and fuel crisis that has impacted other businesses, including food supply disruptions in supermarkets. According to local media reports, Sunak's speech, as well as that of other Tory MPs, will be widely watched by the public and scrutinised by the critics. Despite the fact that official numbers from the Office for National Statistics demonstrate that the government's aid helped the country recover to pre-pandemic levels, opposition MPs believe that the programmes fell short of their goals.

Apart from Rishi Sunak, the Conservative Party Conference's second day will feature speeches from Brexit Minister Lord Frost, who is expected to discuss how the UK woke up from the "long bad dream" of EU membership, and Transport Secretary Grant Shapps, who will possibly speak about the shortage of heavy goods vehicle drivers and the ongoing gasoline crisis. On October 6, Prime Minister Boris Johnson will deliver a speech to conclude the event. The annual conference comprises talks from notable members of the party. This year's event will take place in Manchester in a hybrid style, with attendees able to join in person or via teleconference.

(Image: AP)