UK Chancellor Rishi Sunak has delivered a new package of measures designed to help workers and businesses most affected by new coronavirus restrictions brought in to counter the second wave of the virus.
The measures include plans for a jobs support scheme to replace furlough, help for the self-employed, business loans and VAT cuts.
The measures at a glance include:
- Under the scheme, the government will subsidise the pay of employees who are working fewer than normal hours due to lower demand
- It will apply to staff who can work at least a third of their usual hours
- Employers will pay staff for the hours they do work
- For the hours employees can’t work, the government and the employer will each cover one third of the lost pay
- The grant will be capped at £697.92 per month
- All small and medium sized businesses will be eligible for the scheme
- Larger business will be eligible if their turnover has fallen during the crisis
- It will be open to employers across the UK even if they have not previously used the furlough scheme
- The scheme will run for six months starting in November