U.K. Government Preparing Stimulus Package for July, FT Says
The U.K. government is preparing to unveil an economic stimulus package in July as it steps up attempts to lessen the depth of the recession caused by the coronavirus pandemic, the Financial Times reported, citing unidentified government officials.
Chancellor of the Exchequer Rishi Sunak is working on proposals to invest in training programs, infrastructure and help for technology firms, it said. He will also make a major speech in June to encourage people back to work as the shuttering of businesses to stem the transmission of the virus leads to a surge in unemployment.
Sunak on Friday refused to say if he would hold an emergency budget this summer, but officials told the FT that plans were being developed for a “fiscal event” in July.
A Treasury spokesman told Bloomberg that “we announce events like this in the usual way and we are not doing that now.” One government official said work was under way on further steps to support the economy but described weekend reports on the content of any package as speculation.
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