UK’s Employment-Boosting Budget Amidst Inflation and Strikes

UK’s Employment-Boosting Budget Amidst Inflation and Strikes

On Wednesday, the British Minister of Economy, Jeremy Hunt, presented the budget to Parliament, focused on stimulating the labor market and mitigating the effects of inflation, without resorting to large tax cuts to boost growth. The plan aims to address the problems of companies unable to fill nearly one million vacant jobs that are causing a slowdown in the recovery. Measures for people over 50, people with disabilities, and long-term health problems, as well as those applying for social benefits, will be implemented to allow them to access the labor market. Additionally, aid will be extended to the cost of child-care to encourage more fathers and mothers to return to work, and training opportunities will be improved for those over 50 to find employment. However, those who do not actively seek employment will be penalized by the system.

With the inflation rate above 10% in the UK, Hunt also plans to extend the program to ensure that energy bills do not exceed £2,500 per year for households. The Finance Minister must also decide on the temporary aid of 5 pence per liter of gasoline established a year ago by the then Finance Minister Rishi Sunak, which expires this month.

The budget is aimed at promoting long-term and sustainable growth, and Hunt stated that the economic roadmap he presented to the deputies is “a budget for growth.” However, the budget presentation was met with a mass strike from hundreds of thousands of employees across Britain, demanding pay rises, amidst rising food and energy prices. This strike is one of the biggest days of action in months in the country, which has seen strikes from various sectors, demanding salary improvements due to the increase in the cost of living.

News Desk

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