Type of Intervention: Financial and Economic
Sectors Involved: Finance/Economy, Health, Private Sector and Businesses, Social Services
Intervention Categories: Finance policy and financial aid; Stimulus packages and financial support; Financial aid to health services
Level of Jurisdiction: National
Lead People/Agency: HM Treasury
Rishi Sunak MP, Chancellor of the Exchequer
Overview: The Budget announces a £12 billion plan to provide support for public services, individuals and businesses, whose finances are affected by COVID-19. This includes a £5 billion COVID-19 response fund to ensure the NHS and other public services receive the funding they need to respond to the outbreak as the situation develops, and recover and return to normal afterwards.
For individuals it includes extending Statutory Sick Pay (SSP) for those advised to self-isolate, and those caring for others who self-isolate, and support through the welfare system for those who cannot claim SSP, as well as a hardship fund.
Finally, the government will support businesses that experience increased costs or disruptions to their cashflow. This includes expanded Business Rates reliefs, a Coronavirus Business Interruption Loan Scheme to support up to a further £1 billion lending to SMEs, a £2.2 billion grant scheme for small businesses, and a dedicated helpline for those who need a deferral period on their tax liabilities.
“The wider Budget policy decisions…represent £18 billion of additional government spending, which will provide support to the economy. Together, the government is taking £30 billion of policy action in 2020‑21, equivalent to approximately 1.3% of GDP. “
Full details here: https://www.gov.uk/government/publications/budget-2020-documents/budget-2020
Other links: 1 2
Type of Justification: Advice of INTERNAL government advisory committee or group
Source of Evidence or Justification: National – government
Evidence/Justification:
“In addition to the measures set out here, the government will continue to monitor the situation and stands ready to provide further support, should it be needed. Support will be available for as long as it is needed, based on the latest scientific evidence. HM Treasury will continue to work closely with the Bank of England to coordinate the response of the UK authorities to ensure it is as effective as possible.”
See section 1.29 of this https://www.gov.uk/government/publications/budget-2020-documents/budget-2020