Former Conservative chancellor Sajid Javid has advised PM Boris Johnson to avoid pursuing “self-defeating” tax rises after the COVID-19 pandemic as nations across Europe mark the 75th anniversary of VE day or ‘victory in Europe day’ today.
This has prompted many government officials including Sajid Javid to predict this to be the recurring theme within societies across the globe, to continue on with precautious lockdown measures.
Despite ambitions to open the economic market, Javid is not too optimistic about the process, as he underestimates the Bank of England’s predictions as Governor of the Bank of England Andrew Bailey proposed an ambitious estimate regarding the recovery of the economy.
In an interview with Skynews Bailey’s response to the severity of the economic fall was met with great optimism despite the reality of the long term effects on a stifled economy
“We do think that there will be some, but we’re quite limited on that and that’s because we do think that the policies that have been put in place, particularly the furlough in policy and the support for companies will enable the economy to come back to life much more quickly than you would normally get,” said Bailey.
Javid who is in favour of re-opening the economy, to avoid or limit excessive damage to a once stable economy is now urging for a shift in the government’s priorities and placing an emphasis on economic replenishment stating that “running the economy hot, you could say in a way that you are trying to take into account not just the sort of the necessity to control the virus but also the wider impact on society”.
Despite the trying times, government officials prove to be moving ahead with their plans to reconfigure and replenish the society, economy and overall well-being of the country.
Written by: Zinhle Nhlangothi