Sunak Tries to Save the Summer with $38 Billion Stimulus

Chancellor tries to boost consumer confidence and protect jobs
But success depends on avoiding a second wave of coronavirus

Chief Secretary to the Treasury Stephen Barclay: Sunak's plan saves the U.K. from "economic scarring."(Source: Bloomberg)

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By David Goodman and Alex Morales

July 8, 2020 at 5:22 PM UTC

Updated on

July 9, 2020 at 9:30 AM UTC

This article is for subscribers only.

Rishi Sunak’s stimulus package may help save the Great British summer. Saving the economy will be a far harder task.

On Wednesday, the Chancellor of the Exchequer announced 30 billion pounds ($37.5 billion) of tax cuts and extra spending to support the U.K. as it emerges from the coronavirus pandemic. Over the course of a 30-minute speech, he reduced taxes for home-buyers and the hospitality industry, and even offered Brits vouchers to cut the cost of eating out in August.