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Rishi Sunak - what do the Chancellor’s plans mean for the financial recovery of the UK?

Rishi Sunak, Economy, Employment...

With lockdown slowly easing we've been left wondering what the future holds for our economy. People have been made redundant, businesses have collapsed and some are still unsure of when they can return to work.

Last Wednesday (8/7), Chancellor Rishi Sunak set out a 'Plan for Jobs', hoping to help the UK in its recovery from Covid-19. While discussing his Summer Economic Update, the Chancellor announced a lifeline he plans to offer businesses across the country. This will give them the confidence to retain and hire, while providing individuals with the resources they need in order to find suitable jobs post-pandemic.

Part of a three-phase plan, the 'Plan for Jobs' aims to save the UK's economy, as it has taken a massive hit over the past four months. This phase will focus on skills and the younger generation, creating jobs with investment and making our infrastructure more sustainable. Additionally, it will help to protect already existing established jobs in the hospitality sector with a VAT decrease and discount schemes.

The tourism and hospitality sectors are major employers in the UK and the pandemic has had a catastrophic impact on them - 80% of hospitality firms stopped trading in April and more than one million hospitality workers have been furloughed - the highest number of any sector.

Rishi Sunak said of the newly introduced plan: "Our plan has a clear goal; to protect, support and create jobs. It will give businesses the confidence to retain and hire. To create jobs in every part of our country. To give young people a better start. To give people everywhere the opportunity of a fresh start."

One of the main focuses of this plan is to help to create a sustainable and greener future, contributing to our aim of achieving Net Zero by 2050 - a £3 billion programme hopes to make public buildings, schools and hospitals more sustainable while upgrading structures and reducing emissions.

In the hopes to create a brighter and greener future for all, this multi-phase plan will give business owners the confidence they need to get back on track financially and sustainably and we can only hope the UK's economy will flourish. After many months of uncertainty, let's look forward to a more positive future for all.