Rishi’s Groupon Gamble

Inside Briefing with the Institute for Government

Institute for Government

News, Politics, Government

4.6 • 252 Ratings

🗓️ 10 July 2020

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is Rishi Sunak’s colossal £30bn package of jobs stimulus, training subsidy, VAT cuts and stamp duty changes be enough to stave off a COVID crash? And will his Mega Meal Deal make a difference to the comatose cafe and restaurant industry? Special guest Rupert Harrison, a portfolio manager at Blackrock and previously Chief of Staff to former chancellor George Osborne, joins us to unpick the Chancellor’s summer statement. “Sunak has given notice that he’s turning off the spraygun of business support.” – Rupert Harrison Presented by Bronwen Maddox with Gemma Tetlow and Giles Wilkes. Audio production by Robin Leeburn. See acast.com/privacy for privacy and opt-out information. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hello and welcome to Inside Briefing, the podcast from the Institute for Government. I'm Bronwyn Maddox.
0:16.1	We will not be defined by the crisis, but by our response to it.
0:20.2	That was what Rishi Sunak said when he set out his
0:22.2	summer statement to the House on Wednesday. He promised more money, $30 billion in total to boost
0:26.8	employment and prop up some of those sectors by hospitality and tourism, worst hit by the crisis.
0:32.8	VAT cuts, stamp duty freezes and discounts in August so that everyone gets 50% or 10 pounds off
0:38.9	their restaurant bills, eat out to help out, we're told. At the same time, however,
0:43.2	the FOLO scheme is drawing to a close and the effects of easing lockdown restrictions are really
0:47.6	hard to predict. Coronavirus has not gone away. So what happens next? What should we make of the
0:53.3	sons promised by the Chancellor? Who are the
0:55.2	winners and losers? Who will be picking up the bill? And what does this say about the Treasury under
1:00.1	Rishi Sunak and how it's working with number 10? Joining me to talk about all this in our virtual
1:05.1	studio, our Gemma Tetlow, our chief economist. Hi Gemma. Hello. Giles Wilkes, IFG Senior Fellow and a former advisor to Theresa May and Vince Cable.
1:13.8	Giles, thanks for joining us.
1:15.5	Thank you, bombing.
1:17.1	And I'm delighted to have here as well, Rupert Harrison, portfolio manager at BlackRock
1:21.0	and previously chief of staff to Chancellor George Osborne.
1:23.9	Rupert, thanks very much.
1:25.5	Thanks for having me.
1:27.7	Let's start right away with Rishi Sunak's statement. Gemma, what was he trying to do and did he do it?
1:33.0	Well, as Rishi Sinex said yesterday, yesterday's statement was going into the second phase of the
1:40.0	government's fiscal response to coronavirus. The first phase was the big rescue package
	...

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