The UK Government announces multi-billion-dollar stimulus for hospitality in an effort to get young people back into work, although British shares fell, even as US markets rose.
The UK government has unveiled a multi-billion-dollar plan to help young people find jobs as part of a 54 billion pound mini-budget to counter the economic shock from the coronavirus pandemic.
UK Chancellor of the Exchequer Rishi Sunak said the plan will help young people aged between 16 and 24 on social security payments to find a six-month job placement. There was also an immediate cut in stamp duty on house purchases of up to £500,000, which will stay in place until the end of March next year and a 2 billion pound grant for "green homes".Overall, the FTSE 100 came off its early lows and gained slightly as Mr Sunak announced the mini-budget, although it ended down 0.5 per cent at 6,156 points in a volatile session.
The market surge came despite the number of confirmed coronavirus cases in the US surpassing three million, affecting nearly one out of every 100 Americans.
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