Responding to the Chancellor of the Exchequer's summer statement economic package, Professor Joe Nellis, Professor of Global Economy at Cranfield School of Management, said: “This is a wide-ranging package from the Chancellor in a desperate move to revive flagging consumer and business confidence.
"There is growing concern that unemployment will grow rapidly in the next few months, particularly youth unemployment, with fears that this we will see the return of 1980s jobless levels.
“As the furlough scheme is wound down, the Chancellor is desperate to keep people in work. However, there are big question marks over whether some businesses, who are already struggling to survive, will be tempted by the £1,000 incentive to retain previously furloughed workers, since the labour cost savings associated with lay-offs will be far greater.
“This is a £30 billion spending plan to avoid the economy falling over the cliff edge and only time will tell whether it will be effective.”
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