Further announcements were made today in the House of Commons by the Chancellor of the Exchequer, Rishi Sunak, to provide further support to businesses throughout the winter and during lockdown:
- Furlough scheme extended until the end of March 2021 – The scheme will pay 80% of an employee’s wages up to a maximum of £2,500 per month for the months of November and December, with the level of grant being reviewed in January.
- The Coronavirus Job Retention Bonus will be scrapped, meaning there will be no £1,000 bonus for retaining staff.
- Self-Employed Income Support Scheme increased – The third instalment of the self-employed income support scheme is to be increased to 80% of average trading profits for the months of November, December and January. This will be subject to a cap of £7,500 for the 3 month period.
- Funds provided to devolved nations are to be increased by £2bn to £16bn.
We will send out further updates when the details of the above announcements are released.
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