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Economic Situation: Coronavirus

Question for Treasury

UIN 46065, tabled on 12 May 2020

To ask the Chancellor of the Exchequer, what financial support he plans to make available to help the economy recover from the effects of the covid-19 outbreak; and how that support will be allocated.

Answered on

22 May 2020

The unprecedented actions we have taken to support millions of families, businesses, and self-employed people are designed to ensure that viable businesses are not forced to close, that peoples’ jobs are protected, and that households’ incomes are supported.

Both the OBR and the Bank of England agree that the actions we’ve taken are the right actions that will help to mitigate the impact of the virus on our economy - and that without our package of measures things would be worse. The Government will continue to monitor developments to understand the impacts of COVID-19 on individuals and businesses.

The Government will support people back into work as the economy reopens, and has announced that the Coronavirus Job Retention Scheme will be extended to the end of October.

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