Break: Rishi Sunak announces self-employed wages bail out: everyone who earned up to £50,000 on average over the last 3 year will be paid 80% of their earnings by the Govt, for three months.
Grants will be capped at a total of £2,500 per month (that's a £30k a year salary). 95% of all self-employed will be eligible, Sunak says.
The 5% not covered by the scheme have average income of "about £200,000 a year", Sunak says.
BUT: the scheme will not be up and running until the start of June - to give anyone who hasn't filed a tax return for 2018-19 yet an additional 4 weeks from today to do that.
Treasury confirm:
- 3.8 million of the total 5 million of self employed are eligible
- will cost HMT an estimated £9billion, March to June
- the full grant of up to £7,500 for the three months will be paid out to all, no matter how much earners have lost
- 3.8 million of the total 5 million of self employed are eligible
- will cost HMT an estimated £9billion, March to June
- the full grant of up to £7,500 for the three months will be paid out to all, no matter how much earners have lost
