Today, the Chancellor of the Exchequer, Rt. Hon. Rishi Sunak MP, announces changes to the Government's already generous support scheme for those businesses and individuals affected by the Coronavirus.
The Chancellor announced three major changes that go further than the original Government support. This included:
- open businesses which are experiencing considerable difficulty will be given extra help to keep staff on as this government significantly increases its contribution to wage costs under the Job Support Scheme. On top of this, business contributions drop to 5%, meaning that there is less of a burden on businesses for unworked hours.
- business grants are expanded to cover businesses in particularly affected sectors in high-alert level areas, helping them stay afloat and protecting jobs
- Grants for the self employed will now be doubled to 40%, providing greater support and security through the Winter months.
Mark Spencer, Member of Parliament for Sherwood, welcomed the Chancellor's announcement saying:
The Chancellor has gone further and outlined how we are going to continue to support businesses and individuals through the Winter. Today's announcement, on top of our Winter Economy Plan will provide the necessary support to viable businesses, helping to keep people in work. This Government continues to stand with our small business owners to support them through these challenging times.
- Rt. Hon. Mark Spencer, M.P.
Member of Parliament for Sherwood
To find out more about the Chancellor's announcement, please visit: https://www.gov.uk/government/news/plan-for-jobs-chancellor-increases-f…
