Bank of England interest rate setter Andy Haldain said the UK government’s support should continue until the coronavirus pandemic ends.
In an interview with the Guardian, Haldain said unemployment is “the number one public enemy” and that the government should continue to support employment to prevent higher unemployment.
Since the pandemic, unemployment has risen by more than 6% from under 4%.
“For me, for decades, it has remained number one for public enemies because it has a devastating impact on people’s lives and their families,” he said.
“Policy was very important. There are huge amounts of insurance provided by the government and the Bank of England. It supports people’s jobs, supports income, supports businesses, supports borrowing costs. Without that insurance, employment, income and economic outcomes would have been very bad.”
“Insurance insurance is extremely important and we hope that during that bridge period it will remove the risk of virus from the system and reduce the risk of losing jobs and businesses. As long as one or both of the risks remain high , that bridge, that insurance policy should be provided.”
He added that the Bank of England will continue to provide support as long as it needs.
Haldane said there is a long way beyond the COVID membrane crisis and that the UK population needs support. He said: “We are still in the hole, the hole is still deep. We need to continue climbing that hole through policy measures and vaccines. But after we have climbed, and we We will – we must not forget long-term structural issues.
Rishi Sunak said in November that the Furlough scheme will be extended until the end of April.
The Prime Minister also said that government-supported loans designed to support businesses throughout the pandemic will continue to give “a greater certainty than the 45-day redundancy notice period, and new budgets will be supported more than 45 days in advance. We have announced that we have set the next stage: “The end date of the scheme.”
“Our package of support for businesses and workers continues to be one of the most generous and effective in the world. It helps the economy recover and protect livelihoods across the country,” Sunak said. He said.
“We know that premium companies are in place so it’s right to make sure they can plan ahead regardless of the path the virus takes, so expanding this support will ensure they’re guaranteed. It provides sexuality and clarity.”
