Thu 2 Jul 20
A UK-wide £80 billion stimulus package should be created to regenerate the economy and reduce inequalities following the coronavirus (COVID-19) pandemic, a new Scottish Government report proposes.
The package could finance a temporary reduction in VAT and move the tourism and hospitality industries onto a reduced VAT rate of five per cent.
A two pence cut in employers’ National Insurance Contributions to reduce the cost of hiring staff is also recommended in the report, entitled COVID-19: UK Fiscal Path – A New Approach.
Other action it proposes the UK Government should take to kick-start the economy includes:
Click here to download Covid-19: UK Fiscal Path - a New Approach