The Chancellor must reconsider his plans to swiftly phase out economic support given the painful reality that the economic crisis is here to stay 11 September 2020 Commenting on the Treasury Committee’s second interim report of its inquiry into the Economic Impact of Coronavirus, which sets a wide range policy recommendations for the Chancellor ahead of his upcoming Budget, Torsten Bell, Chief Executive of the Resolution Foundation, said: “This authoritative account of the economic impact of coronavirus should be required reading for Treasury officials planning the Autumn Budget against the highly uncertain backdrop of rising coronavirus case numbers. “The Chancellor will need to reconsider his plans to swiftly phase out support given the painful reality that the economic crisis is here to stay. “Extending support for the hardest hit sectors of the economy will be essential to limit the rise in unemployment Britain faces in the months ahead. The Government will also need to shelve plans to cut back Universal Credit payments to prevent millions of families from suffering a fresh income shock next Spring.”
