The Chancellor updated the Cabinet ahead of his Summer Economic
Update.
He said that we have moved through the first phase of the crisis
where we supported closed sectors, businesses and families and
the challenge now is to support the economy opening up.
Crucially, this means protecting as many jobs as possible in the
face of a very challenging outlook, with the OBR and Bank of
England both predicting significant increases in unemployment.
The Chancellor outlined that young people were particularly
vulnerable because they are two and a half times more likely to
work in the sectors that have been closed. The Chancellor
emphasised that we don’t want that generation left behind and
that is what today’s economic update will focus upon.
The Chancellor and the PM spoke about how today’s update comes on
top of the furlough scheme which has protected 9 million jobs
across the United Kingdom and which is only half way through.
The Chancellor outlined the details of today’s Plan for Jobs to
support, create and protect jobs, following on from the PM’s New
Deal speech last week. He spoke about how the government needs to
work together to deliver the plan, for example, through
encouraging businesses to participate in the Kickstart Scheme of
subsidised jobs announced overnight. The PM emphasised the
Government’s commitment to delivering a green economic recovery.
