Rishi Sunak’s Mini Budget can only do so much to save jobs: The Yorkshire Post says

The most recent analysis by the Office for Budget Responsibility suggests that the coronavirus crisis has cost the public purse over £130bn through emergency spending measures and reductions in tax take. The calls for further investment are coming from almost all corners as different sectors feel the strain of lockdown, with the International Monetary Fund warning the UK’s GDP could drop by over 10 per cent.

Mr Sunak’s wiggle room for balancing the books will also be limited if he is to stick to Boris Johnson’s pre-election promise not to raise rates of income tax, VAT or National Insurance during this Parliament - a pledge the Prime Minister told The Yorkshire Post this week he still intends to honour.

It may not come naturally to a Conservative Chancellor but the reality is much more public money will need to be committed in the coming months in an attempt to rebuild the economy and minimise job losses and business closures.

Among today’s expected announcements is £2bn in grants for households to insulate their homes - exactly the type of move that will boost the economy by supporting tradesmen as well as helping the UK’s efforts to cut greenhouse gas emissions over the next 30 years.

But the bleak reality of the situation is that whatever Mr Sunak announces today, hundreds of thousands - if not millions - of people are likely to face the pain of redundancy in the coming months.

As former Chancellor Philip Hammond has said, some businesses will not be viable whatever support is offered while others will have to close units.

Retraining people in an effective way will be vital - the idea of building back better must apply to the jobs market as much as the construction sector.

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James Mitchinson

Editor