UK’s Sunak considers national insurance holidays as part of stimulus – Telegraph

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FILE PHOTO: Britain’s Chancellor Rishi Sunak chairs the daily COVID-19 briefing at 10 Downing Street in London, Britain May 29, 2020. Andrew Parsons/10 Downing Street/Handout via REUTERS

(Reuters) – British Finance Minister Rishi Sunak is considering national insurance holidays for companies as part of a coronavirus stimulus package that will be announced in July, The Daily Telegraph newspaper reported late on Monday.

Tax rate increases that have been under consideration are likely to be delayed until economic growth recovers, the newspaper reported, citing sources close to the discussions.

An option under consideration for economic recovery is giving employers who hire new staff a National Insurance Holiday, according to the newspaper bit.ly/3dq3AxY.

The report adds that Sunak’s focus is on stemming unemployment with options being considered including tax incentives or subsidies for employers who hire new staff, job guarantees for young people and skills retraining.

The Treasury said it had no comment on the Telegraph report.

British media has previously reported that Sunak is planning to launch a big stimulus package before the summer.

Reporting by Vishal Vivek in Bengaluru; Editing by Himani Sarkar

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