UK Chancellor Rishi Sunak on Wednesday unveiled a package of GBP 30 billion worth of stimulus measures, including tax cuts and bonuses, to support jobs amid the economic slump caused by the coronavirus, or Covid-19, pandemic. The latest measures are part of the government's three phase plan to boost the economy that is severely hurt by the lockdown and social distancing measures triggered by the Covid-19. "Our plan has a clear goal: to protect, support and create jobs," Sunak told parliament. "It will give businesses the confidence to retain and hire."
The chancellor announced a job retention one-off bonus of GBP 1,000 for each furloughed employee who is still in employment as of January 31, 2021. The government will launch a GBP 2 billion Kickstart Scheme to create hundreds of thousands of new, fully subsidised jobs for young people in the 16-24 age group who are claiming Universal Credit and at risk of long-term unemployment. The chancellor also announced a total GBP 1.6 billion investment for scaling up employment support schemes, training and apprenticeships to help people looking for a job. The Plan for Jobs also include bringing forward GBP 8.8 billion of new infrastructure, decarbonisation and maintenance projects. A GBP 3 billion green investment package within this could save around 140,000 green jobs and upgrade buildings and reduce emissions, the chancellor said.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.