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UK government launches new coronavirus job support scheme, extends support for hospitality industry

Proactive Investors Thursday, 24 September 2020
Chancellor of the Exchequer Rishi Sunak has announced a new jobs support scheme, relaxed repayment terms for emergency loans and extended support for hospitality companies. Starting on November 1, it will be a six-month scheme designed to “protect viable jobs in businesses who are facing lower demand over the winter months due to COVID-19”. Employees eligible for the Job Support Scheme will receive at least 77% of their normal pay.  To be eligible, workers need to work at least a third of their normal hours, with the government and the company each paying a third of wages for hours not worked.   Sunak said all companies will be allowed to apply, even if they did not use the furlough scheme, where is currently being used by more than one in ten UK workers but comes to an end on October 31. Support for self-employed workers is also being extended until the end of April, covering 20 per cent of average monthly trading profits via a government grant. The government will also keep VAT at 5% for the tourism and hospitality sectors to the end of March next year.  It said this would support more than 150,000 businesses, protecting 2.4mln jobs.
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Video Credit: PA - Press Association STUDIO - Published
News video: Job Support Scheme: Press conference round-up

Job Support Scheme: Press conference round-up 01:55

Asked how the job support package would be paid for, Rishi Sunak said therewould be “difficult” decisions in the future, during a press conference atDowning Street. Rishi Sunak said the extension of the VAT cut would add around£800 million to the existing £2.5 billion cost of the measure. He...

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