AlgarveBlu
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- Joined
- 21 Aug 2005
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Heavyweight ex Bank of England Mervyn King has come out today batting hard for the self employed - every bit helps.
Help for self-employed needed 'now' - ex Bank of England boss
Self-employed workers in the UK can apply for a grant worth 80% of their average monthly profits under the government's plans - but the money will not begin to arrive until the start of June at the earliest.
Former Bank of England governor Sir Mervyn King has questioned the delay.
He told BBC 5 Live that "it’s no good waiting until June - the cash has to go to self-employed businesses now", in order to prevent long-term damage to the economy and people's "welfare, health and livelihoods".
"The idea that we simply wait until June, I think is not a practical response to the challenge that many people face when - through absolutely no fault of their own - their livelihoods are being put at risk," he told the Emma Barnett programme.
He said the UK had "in essence ...frozen the economy" as a result of current measures to tackle coronavirus, and suggested the UK could go further and freeze the market economy to ensure struggling firms don't go out of business.
"If we end up losing some money to people who don't deserve it that may end up being a price worth paying in order to keep large numbers of businesses functioning," he added.
Help for self-employed needed 'now' - ex Bank of England boss
Self-employed workers in the UK can apply for a grant worth 80% of their average monthly profits under the government's plans - but the money will not begin to arrive until the start of June at the earliest.
Former Bank of England governor Sir Mervyn King has questioned the delay.
He told BBC 5 Live that "it’s no good waiting until June - the cash has to go to self-employed businesses now", in order to prevent long-term damage to the economy and people's "welfare, health and livelihoods".
"The idea that we simply wait until June, I think is not a practical response to the challenge that many people face when - through absolutely no fault of their own - their livelihoods are being put at risk," he told the Emma Barnett programme.
He said the UK had "in essence ...frozen the economy" as a result of current measures to tackle coronavirus, and suggested the UK could go further and freeze the market economy to ensure struggling firms don't go out of business.
"If we end up losing some money to people who don't deserve it that may end up being a price worth paying in order to keep large numbers of businesses functioning," he added.