UK should kickstart economy with green projects, says IMF
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The British government should attempt to kickstart the economy and create jobs using green projects, said the International Monetary Fund’s chief economist.
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The UK should prioritise spending in environmentally friendly investments during the recovery from the coronavirus crisis.
Gita Gopinath, the IMF’s economic counsellor, said that mounting unemployment triggered by the Covid-19 crisis would require swift action to prevent lasting damage.
In a commons Treasury committee with MPs, she said countries such as the UK had an opportunity to “do public investment that also addresses the need for a greener planet, and at the same time as a jobs-rich recovery”.
Gopinath said countries had to tackle climate change and that responding to Covid-19 presented them with an opportunity to do so.
“For many countries we can see a very good argument for them to undertake public investment spending, because this is going to be a crisis where people are going to hold back spending for a while. The private sector will hold back from spending for a while, so there is a role for public investment,” she said.
Investing in a green economic recovery could create as many as 1.6m new jobs in Britain as the Covid-19 crisis subsides, according to a report published on Thursday by the Institute for Public Policy Research.