Former member of the Monetary Policy Committee at the Bank of England, Andrew Sentance, tells KayBurley that a 'key pre-condition' to getting the economy going is 'making sure we keep the coronavirus under control'. Read more:
The chancellor admitted Britons are anxious about losing their jobs and rising unemployment, with the UK economy having shrunk 25% in just two months - the same amount it grew in the previous 18 years.But Mr Sunak told MPs:"We're not just going to accept this. People need to know we will do all we can to give everyone the opportunity of good and secure work.Advertisement
After announcing what he dubbed a"plan for jobs", Mr Sunak told the Commons:"We will not be defined by this crisis, but by our response to it. He told MPs:"The average stamp duty bill will fall by £4,500. And nearly nine out of 10 people buying a main home this year, will pay no stamp duty at all." For the next six months, from 15 July to 12 January, Mr Sunak will cut VAT from 20% to 5% on food from restaurants, cafes and pubs, as well as accommodation in hotels, B&Bs, campsites and caravan sites, and attractions such as cinemas, theme parks and zoos.
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