When looking at recent announcements for the COVID-19 bailout packages, the United Kingdom has provided a bold package of policies to promote economic growth. The British Government has offered to pay 80% of wages up to £2,500 in order to incentivize employers to keep workers employed and prevent layoffs. This has also been extended to include self-employed workers with a similar 80% of average wages over the last 3 years up to £2,500. The inclusion of self-employed workers is likely to support 3.8 million people in the UK during this crisis. These are bold steps by the British Government to keep individuals employed and making a living wage. While costly, these policies are being implemented to maintain the British economy in the short-term and keep unemployment low during this period of social distancing.

Beyond salary guarantees, the government is also providing £330 billion in preferential loans for businesses as well as abolishing taxes on commercial premises in the retail, hospitality and leisure industries. The government will all be providing grants for small businesses in order to help them remain in business during this period. I think these policies to support both employees and employers will help support people through this period and keep business ready to restart once we have beaten this virus.

An article by The Guardian can be found here.