Economist says Sunak’s coronavirus support package ‘wasteful’

Paul Johnson, the head of the Institute for Fiscal Studies, has said Rishi Sunak’s move to extend the furlough scheme until March was “wasteful and badly targeted”. Workers will be able to claim 80% of their usual wage until the end of March, up to a maximum £2,500 a month. Employers will only having to contribute national insurance and pension costs. Grants for self-employed workers were also announced by the Chancellor. These will be raised from 55% of average profits in the three months to January to 80%, up to a maximum of £7,500. Mr Johnson said that to continue with the initial furlough scheme, “which was dreamt up at speed, with no serious attempt to address its flaws is quite surprising.”

Read more: The Times

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