Workers and consumers across the UK are struggling at the moment. As the virus continues to be a problem for the country, income and employment will likely take a hit. Some have detailed that hundreds of thousands of people have or will lose their jobs.
Mr Sunak has repeatedly stated that he will do whatever it takes to support the country and the people within it.
This will likely provide people with much needed relief during this turbulent time but there is always scope to take further action.
Jon Ostler, the CEO of the personal finance company Finder provided bespoke tips for people in tough predicaments at the moment, commenting: “The spread of Coronavirus is interrupting most businesses, with many Britons who are self-employed or casually employed finding themselves bringing in less income.
“With this in mind, cutting your spending and boosting savings could make a huge difference in this period of uncertainty.”
Save away money that you aren’t spending
“There are often simple ways to cut costs.
“Cancel subscriptions that you will not really be using, see if you’re overpaying on broadband, mobile or energy bills.
“Plough that money into your savings pot and place the money you save on not going out and not travelling into your savings as well.”
Making sure your savings are in the right place
“If you have savings, ensure that they aren’t sitting in a current account without an interest rate. Even though interest rates are low at the moment, remember to put your money to work and place it in a savings account with a good interest rate so it can grow.
“There are a few banks like HSBC, First Direct and Natwest that offer joining bonuses as well, earning you £100 or more just to switch your main account.”