Winter Economy Support Plan

The Chancellor Rishi Sunak yesterday outlined additional government support to provide certainty to businesses and workers impacted by coronavirus across the UK.

Full details can be found at;

The measures outlined can be summarised as follows;

  • a new Job Support Scheme;
  • extension to the Self Employed Income Support Scheme;
  • over one million businesses will get flexibilities to help pay back loans
  • extension to the temporary 15% VAT cut for the tourism and hospitality sectors to the end of March next year.
  • further deferal of VAT bills through a New Payment Scheme, which gives them the option to pay back over 11 smaller interest-free payments during the 2021-22 financial year.
  • self-assessment tax payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.
  • Extra funding commitments;
    • £68.7 billion of additional funding has been approved by the Treasury, including £24.3 billion since the Summer Economic Update in July to help
      • the procurement of PPE for frontline staff,
      • provide free school meals for children while at home and protect the country’s most vulnerable.
      • £12 billion funding to roll-out the Test and Trace programm
    • the Treasury has also guaranteed the devolved administrations will receive at least £12.7 billion in additional funding. This gives Scotland, Wales and Northern Ireland the budget certainty to for coronavirus response in the months ahead.