Chancellor announces package of support for employees and businesses

Chancellor announces package of support for employees and businesses

The Chancellor of the Exchequer has announced three new measures to ‘support British people and businesses’ today.

Rishi Sunak made the announcement to the Commons this morning and in the afternoon press conference which was also attended by Prime Minister, Boris Johnson.

Mr Johnson said that to date ‘unprecedented support’ worth £200 billion has been provided to ‘everyone’ in the country but that as the campaign to fight the virus has been adjusted, so too should the help available.

“It’s right that we should now produce a new package of support across the country,” he said.

“Because it’s far, far better to keep business going now, rather than to let those jobs go forever in a new national lockdown.”

Mr Sunak added: “Our plan for jobs will support British people and business, wherever they live and whatever their situation, and just as we have throughout this crisis, we will listen and respond to people’s concerns as the circumstances evolve.”

Mr Sunak announced three new measures as follows:

One

To make the Government’s job support scheme ‘more generous for employers who can open safely but whom are struggling with the impact of restrictions on their business’.

He said: “Instead of employees working at least a third of their hours to qualify for support they will now have to work just one day a week.”

The Government will also ‘significantly increase’ the contribution it makes towards people’s wages, with businesses paying just five per cent towards the cost of hours not worked.

Two

The value of the self-employed income support grant is to be doubled from 20 per cent to 40 per cent of average profit – meaning the maximum grant will increase to £3,750.

Three

A new grant scheme will be introduced for businesses in higher alert level areas including tier 2 and tier 3 –‘even if they can remain open’.

He said: “Businesses will in sectors like, hospitality, leisure and accommodation will be able to apply to their local authority for cash grants of up to £2,100 per month and these grants will be backdated for August.”

To finish, Mr Sunak said: “This is our plan, a plan for jobs, for business, for the regions, for our economy, for the country. A plan to support the British people.”

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