COVID-19: Britain To Implement Measures Aimed At Stimulating Housing Market

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Britain is set to announce measures to promote youth employment and stimulate the housing market on Wednesday, as it braces for the severe economic impact of the coronavirus pandemic.

Chancellor of the Exchequer, Rishi Sunak, is expected to announce a job scheme for people aged between 16 and 24, and reduce tax on house sales.

Sunak also pledged some 3 billion pounds (3.8 billion dollars) for improving energy efficiency in homes and public buildings.

Recently, Prime Minister Boris Johnson promised to spend 5 billion pounds on infrastructure projects and launch a 12-billion-pound house-building programme to kick-start Britain’s economic recovery.

“The 2-billion-pound jobs scheme will involve the government paying minimum wages for up to 300,000 young people hired by firms for six months from August.

“The move will be part of a series of targeted measures to shore up the jobs market and boost confidence in Britain’s economy as it emerges from the coronavirus crisis,’’ the Financial Times reported.

Johnson said he wants to “build back better” to help Britain recover.

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He said that the government spending programme will also “tackle this country’s great unresolved challenges of the last three decades.’’ (dpa/NAN)

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