Chancellor of the Exchequer, Rishi Sunak, was trending yesterday as he announced the financial measures put in place by Government during Covid – 19. He revealed that the Government would establish a Coronavirus jobs retention scheme for all employers, that will cover 80% of wages, up to £2,500 a month.
The Government also plan to inject £7bn into the welfare system, helping approximately 4 million households, with universal credit standard allowance and the working tax credit allowance rising by £1,000.
For businesses up and down the Country, Sunak has announced that interest-free loans would be extended from 6 months to a year. Non-repayable grants to small businesses will be put in place to help cover fixed costs, and there will be grants of up to £25,000 available for business premises. In regards to the sectors which have been most impacted due to Covid – 19, all business rates are to be abolished for the hospitality, retail and leisure sectors.
CEO of BritAsia TV, Mr Tony Singh Shergill, met with Rishi Sunak just weeks before the outbreak of Covid – 19, at the West Midlands Business Community in which they discussed a variety of topics regarding business growth within the West Midlands. The hold of Covid – 19 on the economy, has meant that this year, Government borrowing has been expanded massively, with worries of paying down the costs of this pandemic in the future. However, these measures have been put in place to ensure that everyone is protected during these uncertain times.
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