Labour warns of Covid ‘cliff edge’

LABOUR has warned that Britons are facing a Covid “cliff edge” as the deadlines for ending fiscal support and protection approach.

Shadow chancellor Anneliese Dodds said the toxic cocktail of a lack of savings mixed with the economic downturn caused by coronavirus meant 2021 could spell “financial ruin” for many.

The Opposition party flagged that there are a host of looming deadlines – including the end of the eviction ban on January 11, mortgage holidays on the final day of January, and the extended furlough scheme on April 30 – which they said could spell disaster for British families.

The window for applying for Government-backed loan schemes is set to shut on March 31 and ministers plan to cut £20 per week from Universal Credit as of April 6, Labour said.

According to Labour, a quarter of families had less than £100 in savings when the Covid-19 pandemic hit.

Ms Dodds said: “The Chancellor’s chaotic, last-minute approach to this crisis plunged the UK into the worst downturn of any major economy.”