Chancellor Sunak& #39;s & #39;Economy Update& #39;:

- Difficult days & weeks ahead, will get thru this together
- Make no apology for responding to changing circumstances, going further with support
- Health restrictions worse than hospitality industry had hoped, causing profound harm

Sunak contd.

- Introducing new grant scheme for biz impacted by tier 2 restrictions even if not legally closed
- Cash grants worth up to £2,100 per month
- Distribution to be handled by local authorities
- Grants will be retrospective

Sunak contd.

- Job support scheme to be more generous for employers
- If biz required to close, govt will cover 2/3 of salary (already announced)
- If biz can open, employer contribution reduced to 5%
- Also, employees now only need to work for one day per wk (20% normal hrs)

Sunak contd.

- Changes to JSS will apply to firms in ALL covid alert levels
- Support grants for self employed to be doubled to 40% of prev earnings