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.