Budget cancelled but Sunak must still act

Drafted into the job on a wave of Brexit-related turmoil, Chancellor Rishi Sunak could never have expected he would have to introduce a scheme to underwrite millions of jobs as Covid strangled the economy.

Now after six months of lockdown, what is clear is that the UK needs both positivity and a financial shot in the arm.

The Autumn Budget was Mr Sunak’s opportunity to deliver that economic adrenaline.

But with the country’s financial showpiece now ditched as the Treasury looks to focus on the here and now, that opportunity is gone.

The significance of the decision to scrap the Budget in the face of a Brexit cliff edge on December 31 and further Covid restrictions cannot be overstated.

It is one for the history books and will send shockwaves through a business community which is already scrabbling for certainty in a time when there is none.

But, Autumn Budget or not, the chancellor will still have to act decisively today to keep the economy moving and avoid a potentially disastrous move out of unemployment for hundreds of thousands of British workers.

Whatever measures are announced, there is no disguising these are dark times we are living through.

Economic output tanked in the early months of lockdown and the fight back to health will be long and difficult.

That affects everyone and should not be forgotten when momentous decisions are being made.