Friday, November 06, 2020

Recap: economic support for businesses and working individuals and families through the pandemic


  • Yesterday the government announced crucial new support, building on our unprecedented package of economic support: 

    • Extending the Coronavirus Job Retention Scheme further, until the end of March.
    • Not paying the Job Retention Bonus in February but instead redeploy a retention incentive at the right time.
    • Increasing the next self-employed grant from 55 per cent to 80 per cent of trading profits. 
    • Increasing the upfront guarantee of funding for the devolved administrations from £14bn to £16bn, on top of their Spring Budget 20 funding. 
  • This comes on top of the extensive support already announced: 

    • Cash grants of up to £3,000 per month for businesses which are closed in England. 
    • £1.1 billion for councils in England to further support businesses more broadly over the coming months. 
    • Extension of existing loan schemes to the end of January and an ability to top-up Bounce Back Loans. 
    • An extension to the mortgage payment holiday for homeowners. 
    • Providing councils in England with up to £500 million of funding to support the local healthcare response. 
    • Over £200 billion on VAT relief, business rate relief, loans, tax deferrals, and support for individuals. 
  • We all know how worried people are – about their health, the health of their loved ones, their jobs, their businesses, and their financial security. And that’s why the Government’s economic priority remains the same: protecting jobs.

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