The news comes shortly after a white-paper from consulting firm Sionic suggested that in response to the economic slump caused by Covid-19, the Government might deploy similar tactics to those it would during a standard recession. In order to stop a collapse in commercial activity, the study suggested governments could deploy tax holidays or reductions in payroll, sales, and value-added taxes. Meanwhile, Sionic’s paper suggests that providing purchasing power to middle- and low-income households – the groups which spend the largest portion of their regular income – can stimulate economic activity.
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