UK Chancellor of the Exchequer unveils ambitious plan to save Britain's economy

United Kingdom’s Chancellor of the Exchequer has recently unveiled an ambitious plan to save jobs and being UK’s coronavirus-hit economy back on its feet. The plan that was revealed in the House of Commons on June 8 included tax-cuts for those buying houses as well as for those dining out; it also included a bonus for employers who did not lay off their employees.

An effort to save UK economy from recession

As per reports, while speaking to the House of Commons, Rishi Sunak, the Chancellor of the Exchequer said that in the last months while Britain has been under lockdown the country’s economy has shrunk by almost 25 per cent, which is equal to the growth UK has had in the last 18 years.  It has been estimated that Sunak’s entire package is worth $37.6 billion or 30 billion pounds.

According to reports, the package will include multiple programs and schemes, such as the cut in sales tax for restaurants, hotels and attractions from 20 per cent to 5 per cent as well as a 9 billion pound bonus programme aimed at protecting workers. Reportedly, Sunak is facing an uphill battle in his attempts to drag the UK out of the worst recession it has seen in arguably three centuries.

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As per reports, Sunak’s plan met with some criticism from those who believe that the United Kingdom should not be adding to its national debt. To those critics, Sunak said that he would not be bound by politics and would provide assistance to people wherever it is needed. One of the schemes in Sunak’s plan is called ‘eat out help out’, which will provide a 50 per cent price cut to anyone who dines at participating restaurants between Mondays and Wednesdays.

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The United Kingdom has reported 288,510 positive coronavirus cases since the start of the pandemic and is one of the worst affected countries in Europe. According to the John Hopkins Coronavirus Resource Center, the current death toll in the UK is 44,602.