Member of Parliament for Delyn, Rob Roberts, welcomes the new support packages introduced yesterday (Thursday 24th) for people and businesses throughout the United Kingdom as part of the next phase of the Government’s planned economic response to coronavirus.
Following the extensive Government support already provided throughout the summer, Chancellor of the Exchequer Rishi Sunak has now announced the Winter Economy Plan – a new support package to help address the problems businesses are facing right now and to support viable jobs through a time of depressed demand.
These support measures include a new employment scheme which will allow businesses to protect viable jobs and people’s wages, greater flexibility for both repaying and accessing loans, the extension of the temporary VAT cut for tourism and hospitality and the deferring of repayments of VAT and income tax self-assessment.
As the economy continues to grow and open up, the new Job Support Scheme will help support businesses that need it most and allow them to keep staff on reduced hours rather than laying them off in a difficult winter period. While a company will continue to pay an employee for time worked, the burden of hours not worked will be shared equally between the employee, employer and the Government – one third each way.
Greater support will also be provided for the self-employed, with the Government providing a grant extension for self-employed small businesses who used the existing SEISS scheme.
Small businesses have also been received additional help, with the new ‘Pay As you Grow’ scheme, which gives businesses greater flexibility to repay their loans over a longer period of time and in a way which suits their circumstances. All borrowers will now have the option to repay their Bounce Back Loans over a longer period of time by extending the term of BBLs to 10 years – reducing their average monthly payments by almost half.
Commenting on the Chancellor’s announcement, Rob said:
“ I am thrilled to hear of the latest Government support measures that I know will help employees, employers and businesses across Delyn.
“I know it has been, and continues to be, a difficult time for many businesses and self-employed so it is right that the Government has offered continued assistance and flexibility to those that need it most.
“With many popular hospitality and tourism businesses located in Delyn, I am particularly glad that the Chancellor has rightly decided to extend the temporary VAT cut for tourism and hospitality businesses. With some of these businesses in this industry being the hardest hit by coronavirus, I know this will be greatly welcomed.
“While the Government’s Plan for Jobs in July set out how the Government supported and created jobs as the UK economy opened up over summer, this new Winter Economy Plan will further support and protect the economy into autumn and winter, as it continues to grow.
“I encourage all who are eligible in Delyn to sign up to these new initiatives and to take advantage of the brilliant support available”