RISHI Sunak must go on a £100billion Joe Biden-style spree in next week’s Budget to boost the economy, a think tank says.
He needs to pump £30billion into business bailouts, furlough and a Shop Out to Help Out voucher scheme to aid the high street, says the Resolution Foundation.
The Chancellor risks choking off any bounce back unless he echoes the US President’s mega rescue package, it adds.
Research director James Smith said a £70billion stimulus plan was needed following the biggest downturn in 300 years.
He added Mr Sunak should not be talking of withdrawing support.
Mr Smith said: “The Chancellor is approaching his second Budget at a pivotal moment for the economy, with the country likely to emerge out of the biggest economic downturn in over three centuries in the coming months.
“But while in the US debate has focused on President Biden’s £1.9 trillion stimulus plan, the UK debate has got stuck on how to withdraw support.
“Instead, the Chancellor should combine extending existing support with fresh stimulus once restrictions are lifted to deliver a £100 billion plan to boost Britain’s recovery.
“That is the scale of ambition needed to increase the chances that Britain sees a strong recovery from its pandemic-induced slump, and to ensure the recovery reaches firms and families across the UK.”
Meanwhile, Labour will today unveil their plan to save the high street.
They want councils to have new powers to take over shops which have stood empty.
Shadow Chancellor Anneliese Dodds reckons these ‘Empty Shop Orders’ will stop property developers swooping on shops and getting rid of local high streets forever.
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