css-14iz86j-BoldText {font size: bold;} Chancellor Rishi Sunak has extended the vacation program by one month until the end of April next year

This means that the government will continue to pay up to 80% of the wages of workers on leave

Mr. Sunak also confirmed that he will extend the state-guaranteed Covid-19 business loan programs until the end of March

These changes will be made in the run-up to the next budget, which the Chancellor will approve on 3 March 2021 has confirmed

The introduction of vaccinations has given hope to companies struggling to survive a winter of stop-start measures to fight the virus, but it will likely take a few months before enough people are insured to run something like “business.” as usual “to enable

“Our business and employee support package remains one of the most generous and effective in the world It is helping our economy restore and protect livelihoods across the country, “said Sunak

“We know that premium companies value security It is therefore right that you can plan ahead regardless of which route the virus is taking That is why we offer security and clarity by expanding this support “

Holly Muldoon is the co-founder of RubyLemon, an entertainment and events recruitment agency based in London

She welcomes Mr. Sunak’s announcement that her office team may be on longer leave, but says that this is also a worrying sign

“It’s good to know that we have a bit of support there, but it’s a bit devastating. If it is extended until April, it realistically means we won’t be back to work until May,” she says

Most of the 1500 people working for RubyLemon across the UK are freelancers and performers who cannot be on leave and will continue to struggle while waiting for the business to restart

“So it is really important that the events industry comes back as we can’t give anyone work,” explained Ms. Muldoon

The move has been criticized by the opposition, Shadow Chancellor Anneliese Dodds said Mr Sunak “waited until the last minute to act and left companies in the dark for less than 24 hours before issuing dismissals”

She added, “Rishi Sunak’s irresponsible last-minute decision-making has left Britain with the worst recession of any major economy”

But CBI chief economist Rain Newton-Smith said the package would “bring much-needed security and peace of mind to companies”

“Stable employer contributions and an extension of the job retention system through the end of April means the system will continue to protect people’s livelihoods,” she added

“And with cash flow difficulties still at the fore for many business owners, continued access to government-backed credit will be a great convenience through spring”

Industry association UKHospitality said the expansion of the vacation program is “welcome” but still has serious concerns

“As more parts of the country have been notified of stricter restrictions, and 72500 of the 110000 licensed premises in the UK cannot be opened and another 12500 wet-run venues with little chance of reopening are needed to secure jobs and businesses in a sector that appears to have been selected to take the brunt of the Covid move, “said Kate Nicholls, UKHospitality General Manager
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The government will continue to pay up to 80% of workers’ wages for hours not worked by the end of April, with a cap of 2500 GBP per month

Employers only have to pay wages, National Insurance (NI) contributions and pensions for hours worked, and NI contributions and pensions for hours not worked

The eligibility criteria for the UK system will remain unchanged and these changes will continue to apply to all decentralized administrations, according to the government

Extending the vacation program through April will help some businesses – but only to pay wages. Businesses desperately need more cash to pay for rent, suppliers and energy bills. The Bank of England last week estimated the private sector as a whole this fiscal year 180 billion GBP has less cash available than needed to cover costs

Extending the availability of emergency credit by two months can help ease the tremendous pressure on cash flow. But it’s not clear that more debt is the answer. The National Audit Office has estimated that up to $ 26 billion GBP of 43 billion GBP lent to bounce back loans may not be repaid

There is growing pressure to offer much more grants and no loans to stop a dreary Christmas that is ruining thousands of normally healthy businesses in the New Year

The risk is great: if you ban two-thirds of the country from meeting someone from another household in the house eight days before Christmas, tens of thousands of pubs, restaurants and hotels could go under

So far, 96 million jobs have been supported across the UK, including over a million businesses

Companies also have until the end of March to access the Bounce Back Loan Program, the Coronavirus Business Interruption Loan Scheme, and the Coronavirus Large Business Interruption Loan Scheme

Hotel, leisure and retail providers are particularly hard hit by months of regulatory changes that severely reduce their revenues

On Thursday, Health Secretary Matt Hancock announced that more parts of the south-east of England would move into stage three, with the strictest London measure moved to stage three on Wednesday

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World News – GB – Rishi Sunak extends the vacation program by another month

Source: https://www.bbc.co.uk/news/business-55345392