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Home » News & Insights » Rishi Sunak Announces Further Business Support

Rishi Sunak Announces Further Business Support

Posted on 22nd October 2020

Speaking in the House Of Commons today, Chancellor, Rishi Sunak promised to “go further” while announcing additional measures to help businesses and employees through the stricter measures being imposed as a second wave threatens our economy.

Three specific measures were announced;

Cash Grants

For those businesses in Tier 2 areas, cash grants of up to £2,100 per month  are being made available, the grants can be backdated so any business under enhanced conditions can claim as far back as August.

Self Employed Increased Grants

Throughout the pandemic, the self employed have appeared to be left behind on each announcement. Sunak announced today the size of the grant for the self employed in Tier 2 areas will be doubled to £3,750. The amount of profits that can be claimed against has risen from 20% – 40%.

The Job Support Scheme

Previously announced by the Chancellor as the successor the Job Retention Scheme, the JSS is also having a Tier 2 revamp. Employees will only be required to work 20% of their normal hours to qualify for the scheme, and employers will now only have to contribute 5%, a significant reduction from the original 33%. The scheme will apply to businesses across all tiers.

The Chancellor commented when closing;

“This is our plan. A plan for jobs, for businesses, for the regions, for the economy, for the country. A plan to support the British people.”

Rishi Sunak

Labour politicians have again commented that this is all too late with employees having already lost their jobs.

More details are expected to follow, as and when they are released MJB Avanti  will bring you further updates.

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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