Support 100 years of independent journalism.

29 April 2020

Hopes of quick economy recovery from pandemic fading fast, says Treasury committee chair

By Samuel Horti

The hopes of a swift recovery for the UK economy after the coronavirus lockdown are “receding fairly quickly”, according to Mel Stride, the Conservative MP who chairs the House of Commons Treasury Committee.

“The idea that we will have this quick V-shaped bounce of a recovery is probably receding fairly quickly now,” he told the World at One.

Stride also hinted that the wealthy might have to pay more taxes to help the economy recover. “There will be very difficult choices, therefore, around spending on the one hand and taxation on the other,” he said.

“I think in the taxation debate there will be a very important debate to be had about who should bear the heaviest levels of additional taxation, especially when you think it is the lowest paid and often the youngest people who have been most impacted… I think there will need to be a debate around which parts of the economy have been impacted the hardest, who is in the best position to be able to shoulder the burden going forward but with a very strong emphasis on getting business back up on its feet and the economy growing again.”

His views contrast with those made by Chancellor Rishi Sunak, who said on 14 April that government policy changes “mean that we can recover quickly and strongly and get our lives and economy back to normal”.

Sign up for The New Statesman’s newsletters Tick the boxes of the newsletters you would like to receive. Quick and essential guide to domestic and global politics from the New Statesman's politics team. The New Statesman’s global affairs newsletter, every Monday and Friday. The best of the New Statesman, delivered to your inbox every weekday morning. The New Statesman’s weekly environment email on the politics, business and culture of the climate and nature crises - in your inbox every Thursday. A handy, three-minute glance at the week ahead in companies, markets, regulation and investment, landing in your inbox every Monday morning. Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday. A weekly round-up of some of the best articles featured in the most recent issue of the New Statesman, sent each Saturday. A newsletter showcasing the finest writing from the ideas section and the NS archive, covering political ideas, philosophy, criticism and intellectual history - sent every Wednesday. Sign up to receive information regarding NS events, subscription offers & product updates.

Content from our partners
How materials innovation can help achieve net zero and level-up the UK
Fantastic mental well-being strategies and where to find them
Accelerating the take-up of electric vehicles