Coronavirus (COVID-19)—Committee calls for consideration of Job Retention Scheme

Coronavirus (COVID-19)—Committee calls for consideration of Job Retention Scheme

The Treasury Committee has published its second report, ‘the Challenges of Recovery’, which details its inquiry into the economic impact of coronavirus (COVID-19). The Committee expressed its disappointment in the government’s failure to implement the recommendations in its previous report titled ‘Gaps in Support’. The new report discusses the medium-term challenges encountered as the economy comes out of lockdown, such as supporting the recovery of consumer spending, reducing long-term unemployment increases and dealing with high levels of corporate debt. The report also highlights longer-term issues and makes various recommendations to the government.

The recommendations made include:

• that the Chancellor consider whether there should be a targeted extension of the Coronavirus Job Retention Scheme

• consideration of the extension of raised universal credit and examination of sick pay

• that the Chancellor establishes a roadmap of how he intends to place government finances on a sustainable footing

• consideration of whether additional measures are required to stimulate consumption in the hospitality and leisure sectors

The report can be read here.

Source: Chancellor should “carefully consider” targeted extensions to Job Retention Scheme, urges Treasury Committee

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