Sunak said government support programs had succeeded in mitigating the impact. The unemployment rate is now expected to peak at around 6.5%, rather than the 11.9% forecast last July, he said, citing estimates from the Office of Fiscal Responsibility. The economy is expected to grow 4% this year and 7.3% in 2022.
On Wednesday, Sunak announced plans to extend these support programs for six months. They include a leave program, under which the government pays 80% of the wages of private employees unable to work during the pandemic, as well as subsidies for the self-employed, a temporary increase in social benefits and tax breaks for businesses.
Sunak applauded business leaders by offering a tax credit of up to 130% of the money companies invest in expanding and improving their…
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