The Chancellor has set out new measures to try to protect millions of jobs and the economy over the next six months, as coronavirus restrictions limit growth. However Rishi Sunak made clear that despite billions of pounds of additional government support for his “winter jobs plan”, there would be more business failures and unemployment would continue to rise. Rishi Sunak has been under pressure to come up with a suitable replacement for the furlough scheme, which ends in October. The new plans mean employees can received 77% of their full-time pay if they’re required to work reduced hours. Employers will have to pay 55% of that, with the government contributing the remaining salary. There will be similar help for the self-employed and businesses are being given more time to re-pay government loans. The hospitality and tourism sector will pay VAT at a lower rate of 5% until the end of March 2021. Clive Myrie presents BBC News at Ten reporting by political editor Laura Kuenssberg, economics editor Faisal Islam and business editor Simon Jack.
Chancellor warns of more job losses despite new measures to protect economy – BBC News
