Chancellor's stock peaks with 'nudge' summer statement

Sunak wins plaudits for taking drastic measures to revive UK's pandemic-stricken economy

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The Covid-19 crisis has been good for Rishi Sunak's reputation. While other cabinet members have floundered around, the chancellor has won plaudits for his handling of the economy during its pandemic-enforced lockdown.

That's not entirely surprising because Sunak's main job for the past few months has been to shower Britain with cash. Yes, he has faced pressure from those that have not been benefited from the state's largesse - freelancers and some self-employed workers, for example - but the chancellor's stock has risen.

Related: Summer statement 2020: the chancellor's key points at a glance

Related: Summer statement 2020: the chancellor's key points at a glance

The coronavirus lockdown has prompted some of the UK's most prominent companies to announce large-scale job losses. The aviation, automotive and retail sectors have been among the worst hit, as businesses adjust to dramatically reduced revenue projections.