UK finance minister, Rishi Sunak, will unveil new measures by the government to bolster the economy
Sunak is expected to make the statement later at 1130 GMT, following the PMQs session in parliament later today. The new measures set to be unveiled will involve more spending by the government with a £2 billion “kickstart scheme” for jobs at the forefront.
The scheme will subsidise six-month work placements for people on Universal Credit aged between 16 and 24 years old, who are at risk of long-term unemployment.
The government is also expected to announce a stamp duty holiday to aid with property market conditions and possibly a temporary VAT cut as well.
The news is certainly a welcome development for UK assets but the unconvincing take by the government in handling the crisis so far continues to leave some room for skepticism over how well they can avert a deeper economic crisis in the coming months.