Chancellor Rishi Sunak to announce wage bailout plan

first_img “I know people are worried about losing their jobs and not being able to pay the rent or mortgage about not having enough set by for food and bills. The government will pay up to 80 per cent, or £2,500, of the salaries of British workers hit by the UK coronavirus crisis in a huge wage bailout. Joe Curtis “I know it’s been tough and inconvenient but these actions we are are all taking are taking the strain off the NHS.” “That means workers in any part of the UK can retain their job even if their employer cannot afford to retain them.” Chancellor Rishi Sunak announced the extraordinary measures today after Prime Minister Boris Johnson ordered all pubs and restaurants, cafes and gyms to shut their doors tonight and not reopen. Any British business, large or small, can apply for a wage bailout if it is struggling from the coronavirus fallout. “Employers will be able to contact HMRC for a grant to cover most of the wages for people who are not working but kept on payroll rather than being laid off,” Sunak said. “The deferral of VAT payments keeps money in the pockets of businesses so that they can pay their people and suppliers, and the commitment to cover wages of those unable to work will allow firms to retain jobs if they are forced to reduce their operations. Rishi Sunak says government will pay 80 per cent of workers’ salaries to avoid coronavirus redundancies (POOL/AFP via Getty Images) Also Read: Coronavirus wage bailout: Government to cover 80 per cent of workers’ salaries up to £2,500 PM sticks to June target to kill coronavirus It comes after the Bank of England slashed UK interest rates to a historic low of 0.1 per cent yesterday. And it also announced £200bn of quantitative easing in a bid to battle the UK coronavirus outbreak. Coronavirus wage bailout: Government to cover 80 per cent of workers’ salaries up to £2,500 “The economic intervention we are announcing today is unprecedented in the history of the British state,” he added.  “We have never had a scheme like this in our country before and we are having to build our systems from scratch,” he added. However, HMRC is working to ensure the first grants are available within weeks, Sunak added. Businesses can apply for the relief from Monday. Meanwhile, the Prime Minister reiterated his three-month target to flatten the curve of the UK coronavirus outbreak. “We’re going to defeat the disease with a huge national effort to slow the spread by reducing unnecessary social contact,” the PM added. Sunak also said he would postpone companies’ VAT payments until June, in business relief worth over £30bn. The chancellor said that was equivalent to 1.5 per cent of GDP. Share Yesterday he had appeared to row back on his aim to have sent the virus “packing” by June. Boris Johnson has formally asked pubs and restaurants to close for the foreseeable future (Photo by MATT DUNHAM / POOL/AFP via Getty Images) But Bectu, a union representing freelancers, criticised Sunak for not including self-employed contractors in his relief. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. 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And this afternoon London’s Northwick Park hospital announced a “critical incident” as it ran out of beds to treat Covid-19 patients. “We are going to do it with testing and new medicines and new technology that can see the disease as it’s transmitted,” Johnson said. “To all those at home right now anxious bout the days ahead – you will not face this alone. But getting through this will require a collective national effort with a role for everyone to play. It’s on all of us.” The government has already pledged £330bn in loans to keep businesses alive as people opt not to go out. Rishi Sunak says government will pay 80 per cent of workers’ salaries to avoid coronavirus redundancies (POOL/AFP via Getty Images) Also Read: Coronavirus wage bailout: Government to cover 80 per cent of workers’ salaries up to £2,500 “I know it’s incredibly difficult out there. We in government are doing everything we can to support you. We are deferring over £30bn taxes to the end of the financial year,” he said. Government defers VAT payments for UK businesses Sunak said the government will back date the wage bailout to 1 March and keep it open for at least three months. Friday 20 March 2020 6:18 pm ‘No limit’ on wage bailout fund “Up to 80 per cent of wages [will be covered], or up to £2,500 a month. Employers can top up salaries further if they choose to. Rishi Sunak says government will pay 80 per cent of workers’ salaries to avoid coronavirus redundancies (POOL/AFP via Getty Images) Also Read: Coronavirus wage bailout: Government to cover 80 per cent of workers’ salaries up to £2,500 Businesses welcome Rishi Sunak’s measures Head of Bectu,Philippa Childs, called it a “devastating blow” for such workers. She said: “This is a landmark package of measures for business, people and jobs. The chancellor’s offer of substantial payroll support, fast access to cash and tax deferral will support the livelihoods of millions. Firms and employees will respond with relief and determination. Rishi Sunak says government will pay 80 per cent of workers’ salaries to avoid coronavirus redundancies (POOL/AFP via Getty Images) Also Read: Coronavirus wage bailout: Government to cover 80 per cent of workers’ salaries up to £2,500 whatsapp And Adam Marshall, director-general of the British Chambers of Commerce, added: “The chancellor has given businesses desperately needed breathing room at this critical moment. Rishi Sunak says government will pay 80 per cent of workers’ salaries to avoid coronavirus redundancies (POOL/AFP via Getty Images) Show Comments ▼ What about the self-employed? Rishi Sunak says government will pay 80 per cent of workers’ salaries to avoid coronavirus redundancies (POOL/AFP via Getty Images) Also Read: Coronavirus wage bailout: Government to cover 80 per cent of workers’ salaries up to £2,500 “The government now needs to go foot-to-floor to ensure that details of the job retention scheme and loan guarantees reach firms on the ground as soon as possible. Given that this situation continues to evolve, ministers must also keep the door open to additional measures to support business cash flow.” The chancellor repeated his call for firms affected by the UK coronavirus outbreak not to make people redundant in return for the huge wage bailout. “These workers are looking to the Cchancellor in desperation for a vital lifeline and he has badly let them down,” she added. “It marks the start of the UK’s economic fightback – an unparalleled joint effort by enterprise and government to help our country emerge from this crisis with the minimum possible damage.  An important day for our country.” Dame Carolyn Fairbairn, CBI director-general, welcomed the intervention. It came as UK coronavirus deaths hit 184 and infections rose to 3,297. The chancellor added he would extend that timescale if necessary, and told businesses there was “no limit” on how much money the government will make available for the scheme. Further cash flow support through the tax system to help businesses pay people and keep them in work deferring next quarter of vat payments – no biz vat payments between now and June.  “It is clear the chancellor simply doesn’t understand the hardship these workers are in- telling them to simply claim universal credit while other workers have their incomes protected is cruel and unfair.” More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orglast_img

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