Treasury Must Go Further to Protect People From The Brink

The Treasury must go further in its support measures for businesses and people, after an economic scenario set out by the Bank of England today showed that the impact of the coronavirus crisis will push the UK towards its deepest recession on record.

In its conclusions, the Bank warned that the economy could shrink by 14% in 2020 and unemployment levels doubling to 9%.

Responding to the findings, the SNP’s Shadow Chancellor Alison Thewliss MP (pictured) said:

“The coronavirus pandemic has had a devastating impact across society – hitting our economy and businesses, costing jobs, and harming people’s livelihoods.

“The dire economic scenario set out by the Bank of England – warning that the crisis is pushing the UK towards its deepest recession on record, rising unemployment, and the biggest economic slump in 300 years – must lead to the Treasury going further in its financial support for businesses and people so that no one is left behind or pushed towards the brink.

“The SNP will continue to push the UK government to take bold and comprehensive financial action to support businesses and people in their time of need – including filling the gaps and looking again at introducing a universal basic income.”