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RISHI SUNAK today unveils a £ 2.9 billion plan to help unemployed Britons find work.
The chancellor, before his spending review, insisted that his “number one priority is protecting jobs and livelihoods” from the devastation of the Covid crisis.
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It will unveil a three-year program, the Reboot Plan, to try to help more than one million long-term unemployed.
The concept is to provide those who have been out of work for 12 months plus regular intensive support to adjust to their circumstances.
But the Treasury estimates that the plan could be successful for only around 300,000, although they say this will make it worth it.
That’s just 70,000 more than they would find work without the additional support, costing taxpayers around £ 42,000 for each job found.
A similar plan launched by the Coalition Government in 2010 spurred £ 3.21 of additional economic activity for every £ 1 spent over four years.
There will be a further £ 1.4 billion in funding for Job Center Plus.
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Mr Sunak will also confirm funding for the next stage of his Jobs Plan, which includes £ 1.6 billion for the Kickstart program, which the Treasury says will create up to 250,000 subsidized roles for young people.
He added: “The spending review will ensure that hundreds of thousands of jobs are supported and protected in the acute phase of this crisis.”
Sunak will present grim new economic data from the Office of Budget Responsibility that will reveal the impact of England’s second national lockdown.
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But in a boost for public finances, he is poised to cut around £ 5bn from Britain’s inflated foreign aid budget to help pay for the pandemic outlay.
Meanwhile, Sunak is being urged to drop proposals to tax pension contributions as if they were income.
The Treasury is said to be considering a 20 percent tax to cover the cost of the coronavirus, but industry bodies warn that it will drive people away from savings, while driving more retirees into poverty.
Nigel Peaple, Director of Policy and Research for the Lifetime Savings and Pensions Association, told The Sun that they “believe that more, not less, pension savings is needed for everyone to have an adequate income in retirement.”
He added: “People are not currently saving enough and the removal of tax relief will make this situation worse.
“Only half of workers are on track to reach the pensions that the 2006 Pension Commission deemed adequate.
“Introducing major changes to the retirement savings system undermines confidence in pensions which, given the long-term nature of pension savings, is detrimental and counterproductive.
“Adding taxes here would essentially be a tax on employers at a time when they cannot afford it.
“Another large part goes to support pensions for public sector workers, such as nurses and teachers.
“Reducing the tax relief here would result in more costs to the government’s wage bill if it wants to avoid imposing a pay cut on these workers.”
Fear of loss of pension
MILLION Britons could see £ 100bn cut from their pensions and investments if Chancellor Rishi Sunak removes a key measure of inflation in today’s spending review.
The Retail Price Index could be phased out between 2025 and 2030 and replaced with the Consumer Price Index measure, which is typically lower.
For someone with an annual pension of £ 20,000, the switch could cost you £ 119,000 in lost income over 30 years.
Tom Selby of the city’s firm AJ Bell said the damage could be “colossal.”
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