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'We Must Spend on the Economy' Says Filey MP

'We Must Spend on the Economy' Says Filey MP

Published by Jon Burke at 12:27pm 9th July 2020.

Filey's MPs been reacting to Chancellor Rishi Sunak's announcement yesterday, on how the economy can recover from coronavirus.

They include cutting VAT, offering businesses financial rewards for getting furloughed employees back to work and discount vouchers for diners eating out in August.

Yesterday he took his spending on support to £190 billion, with another 30 billion pound package being revealed.

"It would be much more expensive if we did nothing. If we simply let businesses go to the wall, that would be hundreds of thousands of businesses, it would be millions of jobs and that would cost the taxpayer lots of money, in different ways.

Ultimately, we've got to decide how we balance the books and how we cover this debt. That, ultimately, will have to be paid back over along period of time. I would say the key thing, at the moment, is making sure inflation doesn't pick up and run away with itself. Some extra government debt is not the end of the world right now - we borrow money very, very cheaply."

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saoralba, on 10th July 2020 5:35pm
Looking after business, primarily his own.

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