Unite the Union has warned today that there is “no more time to lose if we are to prevent a jobs loss tsunami from sweeping through communities this summer” as the UK prepares a bailout plan.
The Chancellor has signed off on a plan called ‘Project Birch’. It will aim to save strategically important companies whose failure would otherwise “disproportionately harm the economy”, according to the Financial Times.
Those firms eligible would have already exhausted support options developed by the Treasury during the Covid-19 crisis, such as the coronavirus business interruption loan scheme.
Commenting on reports of Rishi Sunak’s plan, Unite’s assistant general secretary for manufacturing Steve Turner said: “It’s very welcome news that a rescue plan for UK PLC is finally taking shape.
“We have to see the details, of course, but as trade unions we’ve been working hard with our industrial partners to persuade government of the need for long-term support for core industries and to build our way out of this crisis, saving jobs and skills.”