The chancellor’s statement is a radical attempt to provide a shot in the arm to the jobs market – at a very difficult time.
But the new jobs support scheme is a fraction of what we have seen over the past few months, and is concentrated on those deemed to be in “viable” jobs. It cannot prevent a sharp rise in unemployment in the coming months in “non-viable” jobs.
Indeed, the economic impact of this package of several billion pounds is likely to be far outweighed, even by this week’s announcement that the UK faces a six-month “new normal” of social restrictions.
The sight of Chancellor Rishi Sunak flanked by the Trade Unions Congress and the Confederation of British Industry bosses at Number 11 was meant to show the country that a non-ideological innovation to protect livelihoods was on the way.
It is an echo of German