UK government announces “unprecedented” economic rescue plan

Government intervention to help businesses and employees

UK government announces “unprecedented” economic rescue plan
Image: Bigstock.

The UK government announced an “unprecedented” economic intervention at a Downing Street press conference on Friday.

Chancellor of the exchequer, Rishi Sunak announced that the government is to set up a ‘job retention scheme’ which will give employers a grant to cover most wages.

Businesses will be able to apply for a grant from HMRC to cover the wages of people who are not working due to coronavirus shutdowns, but who haven’t been laid off.

The grant will cover 80 per cent of the salaries, up to £2,500 per month, allowing workers to retain jobs even if business owners are unable to pay them.

VAT deferral

The chancellor is also deferring VAT for all businesses until the end of June and they’ll have until the end of the financial year to repay.

The government is also extending its coronavirus business interruption loan scheme, to be interest free for 12 months.

Boris Johnson said: “If we don’t get this right, we will see thousands of lives lost needlessly.

“We have the opportunity to get on top of this and turn the tide.”

Rishi Sunak added: “When this is over, and it will be over, we want to look back on this moment and remember the many small acts of kindness, done by us and to us”

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