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CPS responds to Chancellor's Winter Economic Plan

    The Centre for Policy Studies, the leading centre-right think tank, welcomed the announcement of the Chancellor's Winter Economy Plan.

     

    Robert Colvile, Director of the CPS, said:

    'With the resurgence of the coronavirus and the tightening of restrictions, it was clear that some form of continued employment support would be needed - but that the economy would struggle to support the gargantuan costs of continuing the furlough scheme.

    'The new Job Support Scheme is designed to support viable jobs rather than keeping people on the payroll whose jobs have effectively disappeared, and will do so in a far more cost-effective fashion. Restricting access among large firms to those whose revenues have fallen is both appropriate and a better way of targeting support than blunter, sector-specific measures.

    'We also welcome the various measures to ensure that the recovery is not harmed by forcing businesses to immediately repay the substantial debts they have accrued.

    'However, in the next stage of recovery we urge the Chancellor to go further, not just by ruling out damaging tax rises on business but embracing pro-growth, pro-enterprise stimulus measures, such as those suggested by the CPS and the Rt Hon Sajid Javid MP in our recent report After the Virus.'

    Date added: Thursday 24th September 2020