What time is the Budget 2021

 Budget 2021

Rishi Sunak said the plan - which pays 80% of employees' wages for the hours they cannot work in the light of the pandemic - will help millions during the "tough months ahead".

About 600,000 other self-employed people will also be eligible for government assistance with expanded grant access.

But Labor said the subsidy plans should have been extended "months ago".

The Coronavirus Job Retention Program has protected more than 11 million jobs since its inception last March and was scheduled to close at the end of April.

It has been credited for slowing the pace of job losses as tens of thousands of businesses remain shut.

Employers will be expected to pay 10% towards the hours their staff do not work in July, increasing to 20% in August and September, as the economy reopens.

Government support for self-employed people has also been extended until September.

A fourth grant under the Self-Employment Income Support Scheme (SEISS) scheme will run from February until April, covering up to 80% of three months' trading profits up to £7,500.

There will be a fifth grant from May to September.

People whose turnover has fallen by 30% or more will get the 80% grant, but self-employed people whose turnover has fallen by less than 30% will get a 30% grant.

The government is widening access to grants, meaning some 600,000 more self-employed people will be eligible.

People who filed their tax returns for 2019-20 by midnight on Tuesday are now eligible.

Speaking ahead of the Budget, the chancellor said: "Our Covid support schemes have been a lifeline to millions, protecting jobs and incomes across the UK.

"There's now light at the end of the tunnel with a roadmap for reopening, so it's only right that we continue to help business and individuals through the challenging months ahead - and beyond." However, he is expected to warn in his Budget that there are tough economic times ahead.

Source:

BBC

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