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techUK CEO responds to the Chancellor's Winter Economy Plan

The Chancellor's Winter Economy Plan creates a new Job Support Scheme as well as more flexible loan repayments for firms.

The Chancellor has annouced a new Winter Economy plan which aims to support employees and buisnesses cope with a reintroduction of restrictions to control the spread of COVID-19. 

The ambitious plan annouced by the Chancellor will introduce a new six month Job Support Scheme from 1 November to protect jobs and businesses who face potentially lower demand over the winter months due to coronavirus.

The scheme will support employees who can work at least 33% of their usual hours through wage top-ups supported by the Treasury. 

The plan also provides for an extension of the Employment Income Support Scheme Grant (SEISS) and more flexible repayment options for buisnesses who deffered VAT payments or who took out Coronavirus Buisness Interuption Loans (CBILS) or Bounce Back Loans (BBLs)

A statement from HM Treasury on the plan can be found here, while the full details of the propsoals contained within the Winter Economy Plan can be found here.

Responding to the statement by the Chancellor for a Winter Economy Plan - techUK CEO Julian David yesterday said:

“The support offered by the Chancellor today will be welcome news to anxious businesses, whilst also providing people with the support they need to take collective action to reduce the spread of the virus.

“While we look forward to the day when the Coronavirus is defeated, taking action now to prepare the UK for economic recovery and renewal will be vital for priming the country for what comes next.

“This means supporting businesses through difficult periods as the Chancellor has done today, but also working with industry to achieve the widespread uptake of digital technologies, encouraging retraining and reskilling for the jobs of the future and planning a green recovery which supports all the nations and regions of the UK.

“This will be a truly national effort and we look forward to playing our part alongside Government to achieve this.”

 

Channel website: http://www.techuk.org/

Original article link: https://www.techuk.org/insights/news/item/18538-techuk-ceo-responds-to-the-chancellor-s-winter-economy-plan

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