NEW: Chancellor Rishi Sunak announces a new "Jobs Support Scheme".
The Government will support the wages of people in work, for those working at least a third of their normal hours, paid as normal
The Govt will increase those wages to cover 2/3 of their pay.
@LBC
VAT cut is extended for the hospitality industry.
5% VAT will apply until the end of March, rather than January.
This is an important clarification. The Govt will pay 22% of the extra wages. Effectively splitting the cost of the top up with the employer.
Employers will pay over half the salary of any workers on the scheme.
Put another way, employers will have to pay over half the salary of workers who are only working a third of their normal hours.
That's still quite an ask.
And the major hole here, of course, is that what about say, night club staff? If certain businesses can't open at all, then their staff will get no protection.
Surely if Govt is continuing to mandate closures of certain venues, it needs to offer them more protection?
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