The Citizens deserve transparency on UK economy - Chancellor Hammond

The Citizens deserve transparency on UK economy - Chancellor Hammond

A former official in the UK government has advised the Boris-led government to be truthful about the economy, no matter the backlash. He said UK citizens deserve to know what the future holds.

Chancellor Hammond pleads for more transparency about UK finances 

Ex-chancellor, lord Hammond stated that the British government must be truthful to the public about the economy, despite being unpopular. He pointed out that citizens deserve the raw truth about British economic status. When speaking with BBC, he said that dealing with the coronavirus is synonymous with 'war'.

However,  no 10 spokesmen said that lord Hammond wasn't clear on what he meant by the government is unpopular. She said that the COVID-19 pandemic has shown that the Johnson-led administration was prepaid to take the bull on its own and make crucial decisions that will benefit everyone. 

The British Budget was discussed on Thursday and an increase in unemployment follows the largest economic decline in UK history. 

Tough decisions need to be made Economy-wise

However, he insisted tough decisions would need to be taken to reduce the 'hit' from the Covid-19 pandemic. 

There are very serious issues with industry especially with sectors like hospitality and aviation, that are the heaviest hit by the pandemic. Also, the transport and retail sectors have had to change their mode of operations to stay afloat during this pandemic. Recent figures show that the British economy shrank by 10% in 2020 which is twice the previous year. 

On Wednesday, statistics show that unemployment in the UK has increased by 5.5% in just three months, which is the worst for 6 years. The UK national debt has also taken a hit by furlough, and other policies which were launched to help the economy. More than £2 trillion have been borrowed to support these schemes. Lord Hammond opined that it doesn't seem there is much the government can do to reduce debt.

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