“Meanwhile, the Centre for Economics and Business Research (CEBR) claims an average family is £515 a month worse off because of coronavirus.
A report by the body says wage cuts have slashed nearly a fifth off the typical household’s income, while millions of self-employed face an agonising wait for Government cash.
The combined impact will wipe almost £43billion off household disposable incomes between April and June, the CEBR warns.
Given the scale of the blow to people’s finances, it predicts the Government will be forced to cut certain key taxes – for now at least – to help ease the pain.
“A temporary reduction in VAT, or stamp duty exemptions are policies that the Government should be considering implementing at the end of the lockdown, to restart spending at the end of the crisis,” it says.”