As Boris Johnson’s roadmap for recovery reopens Britain over the coming months, Rishi Sunak’s budget will aim to support the economy as the nation exits the coronavirus pandemic.
The furlough scheme, which sees the government pay 80% of employees wages, will continue in some form until September. With most coronavirus restrictions due to end on 21st June, furlough will begin to be wound down from July. From then employers will have to pay 10% of their workers’ wages increasing to 20% in August and September when the programme will come to an end.
The Coronavirus Job Retention Scheme has protected more than 11 million jobs since its creation last March, with the Chancellor attempting to create a soft landing for workers as the lockdown ends.
It’s not just employees who will benefit from today’s budget. Over 600,000 self-employed people who were previously unable to benefit from the government’s coronavirus support plan will now be eligible. If you filed as self-employed in 2019-2020’s tax return you will now be able to claim cash grants from the government to subside your income. Previously these people were forced to claim universal credit.
For low-income households who are claiming universal credit, the £20 per week uplift in payments will continue for another six months.
Rishi Sunak’s increased spending on furlough and other support schemes will cost 10s of billions of pounds, with the Chancellor warning public finances will have to be fixed in the future.
Read more: Budget 2021: Everything that could be revealed in today’s announcement including cheaper pints and extended Covid help - www.thesun.co.uk/money/14213422/budget-preview-everything-rishi-sunak/
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