Budget 2020: Chancellor pumps billions into economy to combat coronavirus
Chancellor Rishi Sunak has unveiled a £30bn package to boost the economy and get the country through the coronavirus outbreak
Of the £30bn in extra spending, £12bn will be specifically targeted at coronavirus measures, including at least £5bn for the NHS in England and £7bn for business and workers across the UK.
Measures to mitigate the effect of the coronavirus outbreak include:
Statutory sick pay for "all those who are advised to self-isolate" even if they have not displayed symptomsBusiness rates for shops, cinemas, restaurants and music venues in England with a rateable value below £51,000 suspended for a yearA £500m "hardship fund" to be given to local authorities in England to help vulnerable people in their areas A "temporary coronavirus business interruption loan scheme" for banks to offer loans of up to £1.2m to support small and medium-sized businessesThe government will meet costs for businesses with fewer than 250 employees of providing statutory sick pay to those off work because of coronavirusPlans to make it quicker and easier to get benefits for those on zero hours contracts,Benefit claimants who have been advised to stay at home will not have to physically attend job centres.
Coronavirus: Government will cover 80% of pay for people unable to work.
Chancellor Rishi Sunak says the Universal Credit standard allowance will be increased by £1,000 a year for the next 12 months.
The government will pick up "most of" the wages of workers as the coronavirus pandemic continues to devastate many businesses , says Chancellor Rishi Sunak.
He said government grants would cover 80% of the salary of staff who are kept on by their employer but are unable to work.
Mr Sunak said he would do "whatever it takes" and called his plans "an unprecedented economic intervention to support the jobs and incomes of the British people".
The Universal Credit standard allowance will also be increased by £1,000 a year for the next 12 months, while the working tax credit basic element will be boosted by the same amount.
He also said he would defer the next quarter of VAT payments for businesses until the end of June, in a £30bn injection into the economy.
The measures to strengthen the welfare system will benefit more than four million of the most vulnerable households, he added.
The new coronavirus job retention scheme will cover wages up to £2,500 a month.
Comments