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The Institute for Fiscal Studies (IFS) has urged Chancellor Rishi Sunak to use the upcoming Budget to set out plans for an economic recovery from the coronavirus (COVID-19) pandemic.
The IFS expects the Budget to outline additional spending to support businesses and individuals affected by the pandemic. The business group stated that it should also focus on supporting the recovery as restrictions are eased.
In its Budget submission, the IFS said that the Chancellor needs to announce ‘well-targeted extensions in emergency support to households and employers’ over the coming months. He also needs to set out plans for how the UK economy will adjust to the ‘new normal’, the IFS said.
‘This will be just Rishi Sunak’s second Budget, but his 15th major fiscal announcement,’ said Paul Johnson, Director of the IFS.
‘In it he needs to strike a balance between continuing support for jobs and businesses harmed by lockdowns, and weaning the economy off blanket support which will impede necessary economic adjustment. Any significant continuation of the furlough scheme must be limited and carefully targeted.’
The 2021 Budget will be delivered on Wednesday 3 March.
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