Who is Rishi Sunak?

Rishi Sunak is a British politician who has been the Chancellor of the Exchequer (a position equivalent to the Minister of Finance) in the United Kingdom since February 2020. He is a member of the Conservative Party and has been serving as the Member of Parliament (MP) for the Richmond (Yorks) constituency since 2015. Prior to his political career, Sunak worked in investment banking and as a hedge fund manager. He is known for his role in implementing the UK government’s economic response to the COVID-19 pandemic, including measures such as the “Eat Out to Help Out” scheme and the “Job Support Scheme.”

Developments have been done by Rishi sunak

As the Chancellor of the Exchequer, Rishi Sunak has had a significant role in shaping the UK’s economic policy and response to the COVID-19 pandemic. Some of the key developments and initiatives he has been involved in include:

1. COVID-19 economic response: Sunak has implemented a number of measures to support individuals and businesses affected by the pandemic, including the “Eat Out to Help Out” scheme to encourage people to dine out and support the hospitality industry, and the “Job Support Scheme” to help businesses keep their employees on the payroll.
2. Budget 2021: Sunak presented the 2021 budget to Parliament in March 2021, outlining the government’s plans for spending and taxation. The budget included measures such as a freeze on fuel duty, a new “super deduction” for business investment, and additional funding for the National Health Service (NHS).
3. Infrastructure investment: Sunak has announced plans for a new infrastructure bank to fund major projects such as roads, rail, and renewable energy, as well as a £4 billion “Levelling Up Fund” to support investment in local communities.
4. Brexit: Sunak has played a key role in negotiations with the European Union over the UK’s withdrawal from the bloc, including the signing of a free trade agreement with the EU in December 2020.
5. Taxation: Sunak has announced a number of changes to the UK’s taxation system, including the introduction of a “Digital Services Tax” on large tech companies and an increase in the rate of corporation tax to 25%.

Role of Chancellor of the Exchequer

The Chancellor of the Exchequer is in a senior position in the UK government, responsible for managing the country’s finances and economic policy. The Chancellor is a member of the Cabinet and reports to the Prime Minister.

Some of the key responsibilities of the Chancellor of the Exchequer include:

1. Setting economic policy: The Chancellor is responsible for formulating and implementing the government’s economic policy, including measures such as taxation and spending.
2. Managing public finances: The Chancellor is responsible for managing the UK’s public finances, including preparing and presenting the annual budget to Parliament.
3. Managing the national debt: The Chancellor is responsible for managing the UK’s national debt, including deciding on the best course of action to reduce it over time.
4. Advising the Prime Minister: The Chancellor is expected to provide the Prime Minister with advice on economic matters and to support the government’s overall agenda.
5. Representing the UK internationally: The Chancellor may represent the UK at international economic forums and negotiations, such as the G7 and G20 meetings.

“Eat Out to Help Out”

“Eat Out to Help Out” was a scheme introduced by the UK government in August 2020 as part of its economic response to the COVID-19 pandemic. The scheme aimed to encourage people to dine out and support the hospitality industry by offering a discount on food and non-alcoholic drinks at participating restaurants, cafes, and pubs.

Under the scheme, customers were able to get a 50% discount on their food and non-alcoholic drinks (up to a maximum of £10 per person) on Mondays, Tuesdays, and Wednesdays throughout August 2020. The discount was automatically applied to participating establishments, and there was no need for customers to claim it back.

The “Eat Out to Help Out” scheme was widely popular and was credited with helping to boost the UK’s hospitality industry, which had been severely impacted by the pandemic. It is estimated that over 100 million meals were discounted under the scheme.

“Job Support Scheme.”

The “Job Support Scheme” (JSS) is a UK government initiative introduced in October 2020 as part of its economic response to the COVID-19 pandemic. The JSS aims to support businesses and protect jobs by partially subsidizing the wages of employees who are working reduced hours due to the impact of the pandemic.

Under the JSS, employers can claim a grant to cover a proportion of the wages of employees who are working at least 33% of their normal hours. The grant will cover up to 22% of the employee’s wages for the hours they are not working, with the employer required to pay at least 55% of the employee’s wages for the hours they are working.

The JSS is available to all small and medium-sized businesses, as well as larger businesses that can demonstrate that they have been adversely affected by the pandemic. It is designed to be flexible and adaptable to the needs of different businesses and sectors, and it is intended to run until April 2021.