The UK's profound economic challenge

UK Chancellor Rishi Sunak has laid out the next phase in the government's response to the Covid-19 pandemic, as the economy reopens after a three-month lockdown and the worst slump in 300 years. He announced measures to support the job market, as the furlough scheme is gradually wound down, cuts to VAT and property taxes as well as restaurant vouchers, to help sectors hit particularly hard by the crisis. But will the new plans really help to minimise job losses and stimulate demand, as consumers remain wary about the virus and social distancing measures remain in place? In this podcast, ING's Developed Markets Economist shares his thoughts with Senior Editor Rebecca Byrne.