Chancellor Rishi Sunak will invest more than £500 million anew to help get people back to work as he seeks to stem the continued unrest of the coronavirus pandemic.
Mr. Sunak is focused on getting people into new or better jobs as the government continues to put pressure on living standards to a great extent.
He will use his speech at the Tory conference in Manchester on Monday to set out his vision of shaping the economy around the “forces of science, technology and imagination”.
The chancellor will pledge to “make the United Kingdom the most exciting place on the planet” through advanced infrastructure, improved skills and scientific investment.
He will announce that the new funding will be used to help workers leave the furlough scheme and get the unemployed more than 50 back to work, while also scaling up a “kickstart” scheme for young people.
But he has resisted extending all support announced during the pandemic, with the furlough scheme ending and the £20-a-week raise for Universal Credit falling.
Labor said tax hikes and expanding plans for the cost of living crisis “will do nothing to compensate”, but businesses welcomed the “pivot from furloughs to economic recovery”.
A fresh warning has also been issued regarding the hike in energy prices and difficulty in increasing the prices in the shops.
The household budget will deal another blow next April when national insurance contributions to help fund the NHS and social care are increased by 1.25%.
Ahead of his first personal speech at the conference as chancellor, Mr Sunak said he was “ready to double-down” on his promise to do “whatever it takes” to recover from Covid-19.
He said the furlough scheme protected 11 million jobs and the UK is “experiencing the strongest and fastest recovery of any major economy in the world”.
He continued: “But the work is not done yet and I want to make sure that our economy is fit for the future, and that means providing people with the support and skills they need to get to work and get ahead in life.” Doing.”
The Kickstart scheme, which helps youth on Universal Credit, will be extended till March next year as part of the measures.
The £3,000 incentive for new trainees will be extended until the end of January.
Individuals who have come off leave and are on Universal Credit will also be given priority for job-finding assistance under the year-end “Job-Finding Assistance” scheme.
The Treasury said more than £500 million of the new funding, coming from the Departments of Education and Work and Pensions, would be used. More details will be determined in an upcoming expense review.
Shadow Work and Pensions Secretary Jonathan Reynolds said: “The government’s struggle plan for jobs has failed to achieve its original goals; it is not creating the number of jobs needed and it has failed to address the supply chain crisis that has been taking place.” Britain is experiencing.
“Giving ourselves an extended deadline will do nothing to offset the chancellor’s tax hikes, cost of living crises and cuts to the Universal Credit that are set to affect millions of working families.”
Matthew Fell, chief policy director of the Confederation of British Industry, said: “Businesses will welcome the chancellor’s plan for jobs ranging from furloughs to economic recovery.
“With record vacancies and widespread labor shortages, the success of this package will be measured by its ability to get people back to work.
“Businesses are committed to playing their full role in training and re-skilling the workforce of tomorrow as we move towards a new economy.”
Credit: www.independent.co.uk /