Government to layout roadmap to economic recovery

The Government will unveil its Economic Recovery Plan later today which is expected to lay out a roadmap for the economy as it emerges from the impact of Covid-19.

There will be many different aspects to today’s Recovery Plan.

Much attention will be focused on the detail of the planned withdrawal of the PUP and wage subsidy schemes.

The PUP is expected to close to new entrants from next month and to reduce in instalments of €50 from September.

The wage subsidy scheme and commercial rates waiver are both expected to continue until at least September.

It is understood the cost of extending these schemes will be around €2 billion.

Supports for small and medium sized companies get into the export market will be announced as well as 50,000 training places for digital and green jobs.

Details will also be given on projects to be funded through the EU’s Recovery and Resilience Fund, one of which will be a low cost loan scheme for retrofitting homes.

Latest coronavirus stories

Yesterday, Minister for Rural and Community Development Heather Humphreys has said the number of people claiming the Pandemic Unemployment Payment for the coming week has dropped to 309,000.

Ms Humphreys said the figure is now down approximately 100,000 since the economy began to partially reopen, and said it reflected the number of people who have gone back to work.

The minister said there would be more clarity on the phasing out of PUP payments when the Cabinet meets today.

She said it is not sustainable to keep payments up in the long-term, but stressed that there will be no “cliff edge” announcement.

Source link

Leave a Comment