PM says social distancing measures will save thousands of lives
PM: “need to push down further on transmission”
“We are telling cafes pubs bars & restaurants to close tonight & not to open tomorrow - and nightclubs, gymns and threatres on same timescale.”
“Please dont go out tonight... you may think you’re invincible, but you may be carrier”
“We are telling cafes pubs bars & restaurants to close tonight & not to open tomorrow - and nightclubs, gymns and threatres on same timescale.”
“Please dont go out tonight... you may think you’re invincible, but you may be carrier”
Chancellor @RishiSunak “unprecedented” support announced.
I know some people have already lost their jobs... people worried about paying bills “you will not face this alone”...
I know some people have already lost their jobs... people worried about paying bills “you will not face this alone”...
1. Protect people’s jobs.
For first time in our history, Government will help pay peoples wages - a Coronavirus job retention scheme.
HMRC grant to pay most of the wages.
Cover 80 per cent up to £2,500 per month - median wages.
Backdated to March 1st.
At least 3 months.
For first time in our history, Government will help pay peoples wages - a Coronavirus job retention scheme.
HMRC grant to pay most of the wages.
Cover 80 per cent up to £2,500 per month - median wages.
Backdated to March 1st.
At least 3 months.
- setting up scheme from scratch. First grants in weeks, set up by end April.
Business interruption scheme now interest free for 12 months
Deferring next quarter of VAT payments.
No business will pay VAT before end of June. Direct injection of £30 billion of cash.
Significant
Business interruption scheme now interest free for 12 months
Deferring next quarter of VAT payments.
No business will pay VAT before end of June. Direct injection of £30 billion of cash.
Significant
Chancellor: Please look very carefully at our support before laying anyone off.
“I can not promise you no one will face hardship”
so ... £1000 increase in annual Universal Credit...
Self assessment for self employed deferred...
so ... £1000 increase in annual Universal Credit...
Self assessment for self employed deferred...
Unprecedented measures for unprecedented times... says Chancellor.
Huge intervention - outdoes some European efforts at 80% of income... though limited at £2,500.
If a million workers - @resfoundation say £4.3 billion cost.
It’s also tens of billions cashflow injection on VAT.
Employers must now hold off on layoffs...
If a million workers - @resfoundation say £4.3 billion cost.
It’s also tens of billions cashflow injection on VAT.
Employers must now hold off on layoffs...
Update for gilt market coming from DMO - Chancellor confident this can be financed through normal gilt issuance...
As I was saying yesterday, though it is not the economic point of the £200 billion in QE - a large proportion of the necessary new borrowing will end up being gobbled up by the Bank of England - though via the secondary markets, as in financial crisis.
Let me just set this out Sunak clearly to employers:
NO NEED TO LAY PEOPLE OFF NOW - THE GOVT/ HMRC SCHEME SUBSIDISING £2.500 per month IS FUNCTIONING IN A FEW WEEKS TIME.
IT’s BACKDATED.
VAT BILL DEFERRED.
The Banks should be able to see firms through until then.
NO NEED TO LAY PEOPLE OFF NOW - THE GOVT/ HMRC SCHEME SUBSIDISING £2.500 per month IS FUNCTIONING IN A FEW WEEKS TIME.
IT’s BACKDATED.
VAT BILL DEFERRED.
The Banks should be able to see firms through until then.
This should save hundreds of thousands of jobs.
IF employers accept that the Government is now doing something they would probably never have imagined a Government ever doing.
IF employers accept that the Government is now doing something they would probably never have imagined a Government ever doing.
TUC chief:
First time I’ve ever shouted a tweet, but it needs to be done...
This on self employed:
As explained higher up the thread its £2,500 maximum or 80% of earnings, backdated to March 1st, for 3 months at least...
I get will be far less than 80% for some. But HMT could never have spent bulk of this subsidising high earners, when people are worrying about basic needs
I get will be far less than 80% for some. But HMT could never have spent bulk of this subsidising high earners, when people are worrying about basic needs
NEW:
Treasury tell me wage subsidy WILL apply to firms where bosses have already had to layoff workers in crisis - as long they’re brought back into workforce & instead granted leave of absence... workers in this situation might want to get on the phone
Treasury tell me wage subsidy WILL apply to firms where bosses have already had to layoff workers in crisis - as long they’re brought back into workforce & instead granted leave of absence... workers in this situation might want to get on the phone
ALSO
The income is taxable...
And it only applies to workers given a temporary leave of absence and registered as such “furloughed”, not to those who continue in employment, who would be paid as normal.
The income is taxable...
And it only applies to workers given a temporary leave of absence and registered as such “furloughed”, not to those who continue in employment, who would be paid as normal.
Set up by end of April
This is a very good question...
HMRC setting up system from scratch - Chancellor said end april.
BLOG on the wage support for “furloughed workers” designed to get employers to halt and to reverse firings... “It’s like Sleep Mode” on a computer, was how one Cabinet minister described to me:
bbc.co.uk/news/business-…
bbc.co.uk/news/business-…
I will go through the thread this afternoon, and try to answer the many questions the best I can... I’ll also recommend this from @CBItweets - free webinar for employers trying to work out how to access help from Government:
Here is the full HMRC details so far on eligibility (all businesses) and other measures...
gov.uk/government/pub…
gov.uk/government/pub…
Quick bit of clarification on a common question re Zero Hours: ...
Look at this - have any bosses who laid people off or employees laid off had much other success in turning it around after Sunak announcement...
