Rishi Sunak

UK employers to contribute to furlough scheme from August

A final self-employment Covid-19 grant is to be made available in the UK, and businesses there must start paying towards the worker furlough scheme from August, the government announced, 29 May. UK freelance workers will be able to claim up to £6,570 (US$8,082) from that date, giving those workers access to a total coronavirus grant of up to £14,070 each. Businesses will also have to start paying ...

UK government urged to allow temporary venue at Earls Court

The Earl’s Court Area Action Group, a UK-based campaign group, has called on the British government to bring forward a temporary venue on the Earl’s Court Masterplan site to help rebuild the UK’s economy post Covid-19 and provide additional large event space in London. In letters to the UK Prime Minister Boris Johnson, the Chancellor of the Exchequer Rishi Sunak and the Minister for Tourism, Nigel...

Furlough scheme could be cut, UK newspapers report

The UK government is said to be considering cutting the proportion of workers’ wages it pays under its Covid-19 furlough scheme to 60% from 80%, reports the London Evening Standard. The scheme now supports the wages of 6.3m employees, almost a quarter of the UK’s private-sector workforce, who have temporarily stopped work at a cost of around £8bn (US$9.8bn). The support is due to stop at the...

UK Chancellor offers 100% state-backed loans to smallest firms

The UK Chancellor of the Exchequer, Rishi Sunak (pictured), has announced full state guarantees on lending to Britain’s smallest businesses. The Chancellor, who previously opposed 100% government backing for emergency credit for small firms, said the government would fully stand behind commercial loans of up to £50,000 (US$62,000) to businesses. Banks handling the loans will not be required ...

UK Business Secretary tells banks to ease access to coronavirus loan scheme

The UK Secretary of State for Business Alok Sharma (pictured) has called on the country’s banks to ease access to funding for good businesses during the Covid-19 pandemic. His intervention came amidst reports from some businesses in the UK that their banks were making it increasingly difficult for businesses to access the recently created Coronavirus Business Interruption Loan scheme. Speaking fro...

UK government to pay 80% of wages and defer VAT

UK Chancellor of the Exchequer Rishi Sunak (pictured) announced 20 March that the UK government is to pay up to 80% of the wages of individual UK workers to keep them in jobs as the Covid-19 pandemic tightens its grip on the UK economy. Chancellor Sunak said the state would pay grants covering up to 80% of the salary of workers kept on by companies, equating up to a total of £2,500 (US$2,912) per ...

UK Chancellor abolishes business rates to help hospitality sector through coronavirus

Britain’s Chancellor Rishi Sunak opened his first Budget speech with a promise to abolish business rates for the remainder of the year, a cash grant for SMEs, an extension of statutory pay, and the provision of special loans of up to £1.2m (US$1.55m). There is a £3,000 cash grant per business for any firm that is currently eligible for the small business rates relief. “This is a £2bn cash in...