Rishi Sunak needs a ‘jobs first’ approach to economy – The Yorkshire Post says

Like so many of the Chancellor’s other policy pronouncements, they’ve been accompanied by clear communication and a sincere compassion towards all those now facing such an uncertain future – this sets Mr Sunak apart from his Cabinet contemporaries.

But as these policies draw to a close – the £10 meals discount ends tonight – it is Mr Sunak’s economics which will be put to the test as rapidly rising unemployment, and the deepest recession in history, is compounded by a level of national indebtedness which was unsustainable before the pandemic struck.

Already the Richmond MP is having to contemplate unpalatable measures, like tax rises for the well-off and so-called ‘squeezed middle’, that risks his popularity and counter his instincts as a low-tax Chancellor.

How he balances the conflicting interests of savers and strivers, while also undertaking a long-delayed Spending Review, is a challenge as daunting, if not more so, than the circumstances that confronted Alistair Darling during the banking crisis.

It is illustrated by the possibility of a five per cent rise in corporation tax to 24 per cent at a time when UK businesses are fighting for their survival before the country leaves the EU for good on December 31.

A move that could raise £12bn for the Treasury, it, nevertheless, seems perverse when Mr Sunak is counting on private sector innovation and ingenuity to lead the country’s recovery. On this, the Chancellor must prioritise and protect jobs to encourage investment. The more people in work contributing to society, or ‘Rishi-nomics’, the wider fiscal challenges facing Mr Sunak become marginally less difficult.

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Thank you

James Mitchinson

Editor