July 8, 2020 / 12:40 PM / a month ago

Latest COVID-19 measures to cost 30 billion pounds, UK finance ministry says

FILE PHOTO: Britain's Chancellor of the Exchequer Rishi Sunak leaves Downing Street, in London, Britain July 8, 2020. REUTERS/Hannah Mckay

LONDON (Reuters) - New measures to help Britain’s economy recover from the economic damage from COVID-19 will cost up to 30 billion pounds ($38 billion), Britain’s finance ministry said on Wednesday.

A Job Retention Bonus for up to 9 million workers brought back from furlough could cost up to 9.4 billion pounds, depending on how many stay in work.

A cut in value-added tax for the hospitality and domestic tourism sector would cost 4.1 billion pounds, while a reduction in property purchase taxes would cost 3.8 billion pounds, according to a document published after finance minister Rishi Sunak spoke to parliament.

The 30 billion pound total also included 5.6 billion pounds for infrastructure spending announced by Prime Minister Boris Johnson on June 30.

Reporting by David Milliken; editing by Stephen Addison

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