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Almost a third of the UK workforce are now reliant on government support for their income. If it is withdrawn while the economy is hibernating then joblessness will rise
Without the coronavirus wage subsidies covering 10 million people, the UK would have seen, judging by others’ experiences, about one in five workers unemployed. Joblessness matters because it hurts. Unemployment is stressful and damages morale; it increases susceptibility to malnutrition, illness, and mental stress. Society pays a high price for such scarring. That is why the Treasury’s decision to withdraw the wage subsidies over the next few months of the coronavirus pandemic is a risky gamble that, if it fails, could spell disaster.
The chancellor, Rishi Sunak, announced that if companies want to retain government help to pay 80% of an employee’s total wages, up to a cap of £2,500, they must contribute to their wages, pensions and national insurance until October. For the self-employed, state payments will end by September. This is big news. Nearly a third of the workforce are now reliant on government subsidies for their income. About a seventh are on universal credit. Continue reading...