Chancellor unveils wage rescue package

National Federation of Builders

The Chancellor, Rishi Sunak has announced a wage subsidy package intended to protect millions of jobs.

He and the Prime Minister, Boris Johnson have faced increasing pressure to provide additional support for businesses as many were warning of collapse, putting many jobs at risk.

In his speech, Sunak announced the launch of the coronavirus job protection scheme, where the Government will cover 80% of salaries, up to £2,500 a month, in a bid to protect workers.

The Chancellor also announced that the Coronavirus Business Interruption Loan (CBIL) scheme will now give interest free loans for 12 months rather than six.

The next quarter of VAT payment for firms will also be deferred, providing a £30 billion injection in the economy.  The Chancellor stated: “To help businesses keep people in work, I’m deferring the next quarter of VAT payments. No business will pay VAT from now to mid-June. You’ll have until the end of the financial year to repay those bills.”

The unprecedented package also included a £1,000 a year uplift to Universal Credit standard allowance and the Working Tax Credit basic element for the next 12 months. The self-employed will now get the full Universal Credit at a rate equivalent to statutory sick pay and self-assessment payments will be deferred until January 2021.

Richard Beresford commented “This announcement is very welcome news as it addresses some of our key concerns and will keep many more businesses open. Now, we look forward to seeing what assurances the Government will provide for medium sized businesses, the self-employed and the construction industry as a whole.”

National Federation of Builders

The National Federation of Builders is a United Kingdom trade association representing the interests of small and medium-sized building contractors in England and Wales.

You May Also Enjoy

Breaking News

Breaking Property News – 28/02/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Birchgrove and Hybr launch intergenerational living scheme A unique partnership will see students, key workers and retirees live together at new north London retirement development. Birchgrove, the UK’s leading provider of rented retirement homes, and Hybr, the UK’s leading student letting platform, today announce an industry-first…
Read More
Estate Agent Talk

Benefits Of Choosing Roger Bates Properties

Roger Bates Properties stands out as a prominent real estate agency that offers a myriad of benefits to individuals seeking to buy, sell, or invest in real estate. With a stellar reputation and a commitment to excellence, choosing Roger Bates Properties can prove to be a decision that yields numerous advantages. 1. Experience and Expertise…
Read More
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker – 28/02/24

The average 5-year fixed mortgage rate is now 4.80%, up from 4.59% a year ago The average 2-year fixed mortgage rate is now 5.15%, up from 4.92% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.73%, up from 4.64% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.30%, up from 4.25% a year ago The average monthly mortgage payment on a…
Read More
Love or Hate Rightmove
Breaking News

Rightmove calls for stamp duty reform with only 4% of London homes exempt

Ahead of the Spring Budget on March 6th, the UK’s biggest property website Rightmove suggests three policy reforms that could help people moving home: A reform of stamp duty to consider regional property price variations: Only 4% of homes in London are stamp duty exempt for all buyers, compared to 71% in the North East Less than…
Read More
Breaking News

Breaking Property News – 27/02/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Alto reveals ‘next generation’ of Lettings Progression Alto, software for estate agents and part of Houseful, has revealed further information about the improvements being rolled out in 2024 to drive a step change in business efficiency for letting agents. Leading the way is a…
Read More
Home and Living

The Versatility of Parquet Flooring in Contemporary Homes

What comes into your mind when you hear about parquet flooring? Most probably Victorian era, historic estates, grand ballrooms, and grand mansions but what if I tell you that the parquet flooring has redefined itself with warmth, texture, and classic elegance? Parquet flooring in contemporary homes is a delight to the eyes because when you…
Read More