Adam Smith Inst - Response to winter economy plan: sensible but not costless
The Adam Smith Institute has released the following statement in response to the Winter Economy Plan.
Matthew Lesh, Head of Research at the Adam Smith Institute, said:
“The Winter Economy Plan is a sensible response to the need for greater restrictions on private sector activity over the coming months. It makes sense to replace the furlough scheme — that paid people to not work — with a wage subsidy scheme that helps struggling but viable businesses to keep employees on the job part time. Extending loan schemes and VAT cuts is also a measured response to lessen the shock as the Government furlough scheme is rolled back.
“This is not costless. The Government must resist becoming addicted to spending. Temporary spending is sensible to keep struggling businesses afloat, but in the longer run we are going to have to get the national accounts in order by reducing ongoing spending.
“If we are going to adapt to these difficult times and recover successfully, the Government must reduce the tax burden and cut red tape that undermines entrepreneurial dynamism.”
Notes to editors:
For further comments or to arrange an interview, contact Matt Kilcoyne: firstname.lastname@example.org | 07904 099599.
The Adam Smith Institute is a free market, neoliberal think tank based in London. It advocates classically liberal public policies to create a richer, freer world.
Latest News from
IFS - Pre-lockdown “panic buying” involved many more households than usual buying storable groceries, but in moderate amounts15/10/2020 11:35:00
This is the main finding in new research – funded by the Nuffield Foundation and the Economic and Social Research Council – by IFS researchers published today.
Policy Exchange - A labour market that works15/10/2020 10:35:00
The Government should give anyone without a job who wants to start a new business £100 a week for a year, says a new report from Policy Exchange – published a day after unemployment surged to the highest level in over three years.
Labour market statistics “nothing to be complacent about,” says IEA expert15/10/2020 09:35:00
IEA Editorial and Research Fellow Professor Len Shackleton responded to the latest ONS labour market statistics
IFS - Tough choices ahead as spending on working-age benefits set to hit record levels13/10/2020 11:35:00
In the wake of the pandemic, the government brought in a number of temporary increases to universal credit (UC) and other parts of the benefit system at a cost of £9 billion.
IPPR - Revealed – only 230,000 jobs will be saved by Sunak’s Job Support Schemes13/10/2020 10:35:00
Extension announced on Friday does nothing to help workers in the majority of firms not under local lockdown
IEA responds to Prime Minister’s Conference speech08/10/2020 16:25:00
IEA Director General Mark Littlewood recently (06 October 2020) responded to the Prime Minister’s speech at the virtual Conservative Party Conference.
The King's Fund responds to the Department of Health and Social Care announcement of £3.8bn of capital funding for hospitals07/10/2020 16:38:00
Sally Warren, Director of Policy at The King’s Fund recently responded to the Department of Health and Social Care announcement of £3.8bn of capital funding for hospitals.
Vital lessons need to be learnt: The King’s Fund response to the Health and Social Care Committee report on core NHS services during the Covid-19 pandemic07/10/2020 13:33:00
Richard Murray, Chief Executive of The King’s Fund, recently responded to the Health and Social Care Committee’s report into the delivery of core NHS services during the Covid-19 pandemic.