17 March 2020

Rishi Sunak needs more detail and substance to reassure households over Covid-19

The Chancellor delivered one very strong statement and one very vague one. He'll have to close the gap to achieve his aims.

By Stephen Bush

LONDON, ENGLAND - MARCH 09: Chancellor of the Exchequer Rishi Sunak leaves Downing Street ahead of a government Cobra meeting on March 9, 2020 in London, England. Prime Minister Boris Johnson called a Cobra meeting, named after the Cabinet Office Briefing Room where it takes place, of senior ministers and security officials to coordinate the British government's response to the coronavirus outbreak. (Photo by Chris J Ratcliffe/Getty Images)

Rishi Sunak has outlined a £330bn support package to support businesses and households throughout the coronavirus crisis.

A statement like this has to do two things: the first is that it has to convince British businesses not to panic and assure them that, ultimately, no company will fold because of Covid-19. The second is that it has to actually provide the necessary support to prevent businesses folding because of Covid-19 and to provide the necessary financial firepower to households and families so that they feel safe in reducing their social contact and self-isolating when they experience symptoms.