Press release

Impressive opening salvo to secure recovery

8 July 2020

Ian Stewart, chief economist at Deloitte, comments on the Chancellor’s statement: 

“This is an impressive opening salvo in a campaign to secure the recovery. The aim is to sustain and build economic capacity, not to freeze it. Today’s measures will counter some of the biggest roadblocks to growth by supporting jobs and fuelling the hospitality sector and housing market. 

“The recovery is underway, but much of the damage to jobs and businesses is likely still to come. The fiscal activism that helped the economy through the lockdown is being harnessed to the task of recovery. 

“More will be needed of government. But today’s package shows that the Chancellor is acting in scale and with imagination to bolster the recovery.”



Note to editors

Follow us on Twitter: 

@DeloitteUK for live comment;

@DanielFLyons1 for Daniel Lyons, Head of Tax Policy; and

@IanStewartEcon for Ian Stewart, chief economist

Deloitte spokespeople

Experts from Deloitte are available now and on the day of the Update for comment. On Wednesday 8 July, please call the Deloitte Media hotline on 020 7007 3333, where you will be directly connected to one of our spokespeople.

About Deloitte

Deloitte LLP is the United Kingdom affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NSE LLP do not provide services to clients. Please see About Deloitte to learn more about our global network of member firms.