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LONDON, Oct 22 (Reuters) - British finance minister Rishi
Sunak looks set to unveil more support for businesses and
workers hit by rising COVID cases later on Thursday, when he
updates parliament on the outlook for the economy.
Sunak is due to address parliament around 1030 GMT, in a
hastily arranged briefing at a time when there has been growing
political anger that economic support is falling away while
coronavirus restrictions tighten for many firms.
"Hopefully this afternoon we'll see the chancellor tack a
little bit, trim the sails, to make sure we're getting the right
balance to support the economy properly," Malthouse told the
BBC, adding that lawmakers had received lots of complaints.
Britain has suffered Europe's highest death toll from
coronavirus, as well as the severest economic hit of any major
advanced economy. Cases are now climbing again rapidly, with a
record 26,688 new cases reported on Wednesday.
However, the country's main furlough scheme - which
supported 9 million jobs at its peak, and is still heavily used
in the hospitality industry - will end on Oct. 31.
Firms that are required to close entirely will be able to
furlough staff on two thirds of their pay - less than the
previous 80% - but others get much less support.
Unlike short-time working schemes elsewhere in Europe, from
next month businesses which bring staff back part-time must pay
staff for some of the hours they do not work, in order for
workers to be eligible for a government top-up payment.
"Making the Job Support Scheme work better for firms by
reducing employer contributions ... would be a significant - and
very welcome - change," the Resolution Foundation think tank
said.
Many lockdown measures in Britain do not require businesses
to close outright but significantly restrict trade, for example
by barring pubs and restaurants from serving groups of people
who do not live in the same household, or opening after 10 p.m.
Thursday's statement was announced late on Wednesday, after
the government cancelled a planned review of public spending
over the next three years, and looks set to be the third time in
under a month that Sunak has adjusted job support plans.
Sunak said on Wednesday that supporting jobs remained the
government's priority, but he would need to take steps to ensure
the public finances remained sustainable once economic recovery
was under way.
British government borrowing is on course to reach its
highest since World War Two this financial year.
(Reporting by David Milliken; editing by Sarah Young)
