Stimulate the economic impact of covid-19

Reference no: EM133714279

Question: The UK government implemented a range of fiscal policies to stimulate the economic impact of COVID-19. These measures aimed to support businesses, protect jobs, and provide relief to households. One of the policies implemented was the coronavirus job retention scheme which "was a temporary scheme designed to protect the UK economy by helping employers whose operations were affected by coronavirus to retain their employees." (gov.uk) Other interventions included business grants and loans, tax deferrals, and an increase in Universal Credit payments to support low-income households. Which was similar to actions taken by the United States with the Paycheck Protection Program. Overall, the UK's fiscal interventions helped stabilize the economy during the pandemic and the Office for Budget Responsibility estimates that the UK government's interventions were worth around 10% of the GDP (gov.scot) While the interventions were necessary, they also led to increased public debt. Which goes to show balancing short-term relief with long-term fiscal sustainability remains a challenge.

Reference no: EM133714279

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