The Italian economic proposals to deal with the emergency are also expected in the United Kingdom. Every day new measures are issued, among them there is the redundancy funds’ anticipation by the Government on the workers’ traditional or online account: a first sigh of relief for the coffers of individuals and companies.
But how are the other European countries moving? Let’s look at the measures taken so far by the British government in terms of financial aid.
UK Finance Minister Rishi Sunak, a major player in this period of emergency, has announced a £330 billion plan in the form of government guaranteed loans and other forms of financing for small and large companies: an incredible sum, equivalent to £5,000 per capita.
The Chancellor said that SMEs will be able to subscribe to a “coronavirus interruption loan” and will enjoy low-cost loans of up to £5 million, with no interest for the first six months.
But let’s look at the other grants and tax breaks designed to reduce the impact of the epidemic on the online account of companies and individuals.
First of all, mortgages: British citizens who are unable to pay their mortgage because of the virus, because they are out of work or on sick pay, will benefit from a repayment period of three months. For businesses, on the other hand, we are talking about other £20 billion in the form of grants and tax breaks.
Concerning the work, the Institute for Fiscal Studies has suggested the creation of a mechanism to move people made redundant by companies that are seriously injured by the pandemic (such as pubs or restaurants) into sectors that are still active. Employees could then return to their old jobs once the conditions will allow it.
The UK could also consider an unemployment benefit proportionate to the previous wage rather than to the flat rates. This would mean a higher initial burden on the public purse, but not a worsening of people’s spending power.
In short, the UK Government wants to protect jobs and “will go much further to support people’s financial security”. To do so, it has proposed a series of extraordinary measures, which are giving the country a reassuring message. “If more money is needed, it will be found. We will do whatever it takes,” are the words of Sunak to support financial security and the traditional or online account of people and businesses.
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