The Prime Minister of UK, Boris Johnson has formulated a plan to revert the negative impacts the Coronavirus Pandemic has had on the UK Economy. It is a recovery plan which he is working on. Through this plan, Boris Johnson wishes to fix all economic problems which would have a lasting effect and have been going on for a while. He has created this ‘new deal’ where he urges others to continually build homes and infrastructure. The government of UK has allocated the funding of £5.47 billion to various capital investment projects. Boris Johnson announced this plan in a speech carried out in the West Midlands in Central England. This enormous building plan would allow for jobs to be created and allow for economic growth. Although no new money will be put in for this scheme, the funding of capital investment will be made available soon enough. In the speech, Boris Johnson Says, “We will build build build. Build back better, build back greener, build back faster and to do that at the pace that this moment requires.” This ‘new deal’ was compared by him as being similar to the plan President Roosevelt had announced in the 1930s for the United States.
Job Promises Made for Britishers
Boris Johnson claimed in the speech that he wanted to allow for equal education opportunities to be made for students so that no talent is gone wasted. There is no doubt that the government was there to offer support to employees who had lost their jobs due to the pandemic, through its Furlough scheme. However, this support would not go on beyond the end of summer. Boris Johnson announced in his speech that, this plan would enable thousands of jobs to be created that would be both high-paid and high-skilled. He claimed that, it was finally time for a ‘new deal’ that would be fair for British people. Boris Johnson also urged that currently it is a good time to invest as the cost of borrowing would be comparatively low.
Unconvinced Reaction Shown by The Opposition Moments after this ‘new deal’ plan was announced, it faced backlash from the opposition claiming it to be similar to the plan the US used in order to combat the Great Depression, which was inadequate in its own. Sir Keir Starmer, the leader of the opposition party claimed that, the plan put forward by the government is not good enough to deal with the biggest economic crisis faced by the UK. The economy had shrunk by 2.2% in the beginning of 2020, and this was a huge fallback. After the pandemic, it further shrunk by 20% by April 2020, and this not expected. The plan is not forecasted to deal with this huge crisis, as the opposition put it. Sir Keir Starmer claims that, in place of this plan, a summer budget should have been announced which would focus more on jobs