Anonymous ID: 099ab0 July 8, 2020, 8:14 a.m. No.9894340   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>4534 >>4734 >>4878

UK's Sunak pledges 30 billion pounds to stem unemployment crisis

 

Britainโ€™s finance minister promised an additional 30 billion pounds ($38 billion) to head off an unemployment crisis on Wednesday, funnelling money to employers, homebuyers and beleaguered hospitality firms to drive a recovery. Rishi Sunak, who was already on course to take state borrowing to World War Two levels with 133 billion pounds of initial coronavirus emergency measures, said he would return the public finances to a sustainable footing over the medium term.

 

But the former Goldman Sachs analyst promised to press on with using the power of the state to shore up the economy, which has forced his Conservative Party to suspend its traditional pro-market instincts.

 

โ€œI want every person in this House and in the country to know that I will never accept unemployment as an unavoidable outcome,โ€ Sunak told parliament on Wednesday. The worldโ€™s sixth-biggest economy shrank by 25% in March and April and could be heading for its biggest fall in 300 years in 2020, with the unemployment rate on course to more than double to about 10%, according to official projections. Under a new bonus plan, employers will be paid 1,000 pounds ($1,256) after the furlough scheme expires at the end of October for every worker who returns to their job, provided they are kept on through to the end of January.

 

With more than 9 million jobs covered by the scheme, the cost of the bonuses could be as much as 9.4 billion pounds. To help hospitality and tourism, hampered by social distancing rules, Sunak announced a cut in value-added tax for the sector to 5% from 20% for six months.

 

People eating out in August between Monday and Wednesday will receive a 50% discount of up to 10 pounds each, paid for by the government. With close to 45,000 confirmed coronavirus-linked deaths, Britain has been hit harder by the pandemic than any other European country, leaving many people reluctant to return to life as before. Sunakโ€™s plan includes a 2 billion pound ($2.5 billion) fund to create six-month work placement jobs for unemployed 16-24 year-olds and more government-funded apprenticeships. A further 3 billion pounds will be spent on improving the energy efficiency of homes and public buildings, which would support more than 100,000 jobs.

 

The 30 billion pound cost of the plan includes around 5.6 billion pounds in accelerated infrastructure spending announced last week by Prime Minister Boris Johnson. Some employers had urged Sunak to go further by cutting the social security contributions they must pay for their workers.

 

In a bid to breathe life into the housing market and the broader economy, Sunak raised the lower threshold for a tax on property purchases to 500,000 pounds, four times its current level, with immediate effect until March 31.

https://www.reuters.com/article/us-health-coronavirus-britain-economy/uks-sunak-pledges-30-billion-pounds-to-stem-unemployment-crisis-idUSKBN24906T

Anonymous ID: 099ab0 July 8, 2020, 8:53 a.m. No.9894662   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>4717

>>9894579

muh premiums to short are already ridiculous.

Big bois been selling some pretty big chunks lately and stopped for a bit after the initial swoon earlier this year.

This 'ain't 2016 so expect them to drop it prior to the close of the 3Q so, as mentioned, it shows up on the normies statements.

They only care when it goes down.

Anonymous ID: 099ab0 July 8, 2020, 9:04 a.m. No.9894771   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>4804 >>4832

>>9894717

would watch fren.

This is not the time to learn how imo.

I quit about 7 years ago as was fed up with the games and the absolute lawlessness-busted trades because the wrong group made money, no enforcement of the SEC rules, etc

But it's like a bike-you never forget how.

5:5 with the want to take advantage of it-it is tempting but it is a mess and has been for a number of years.

Put it in phyzz metals-not all at one price point-is about the only public advice I would give.

Anonymous ID: 099ab0 July 8, 2020, 9:13 a.m. No.9894824   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun

>>9894804

one moar thing: once you have it try not to pay attention to the spot price changes (not easy)-you have it and that is what counts.

Many people think they have it through ETF's-all they have is a paper promise to deliver a quantity via COMEX.

good luck!