- UK's finance minister announces new jobs support scheme
Market news
24 September 2020
UK's finance minister announces new jobs support scheme
- The main goal is to support jobs, but we need to change how we do this
- As the economy reopens, it is fundamentally wrong to keep furlough scheme
- Under new jobs support scheme, government will directly support wages of people in work
- This will help companies employ people on shorter hours, instead of laying them off
- The scheme will support viable jobs
- Employees must work at least a third of normal hours
- Government will increase wages to cover two thirds of lost pay
- The scheme will run for about 6 months
- Self-employed grant will be extended on similar terms as jobs support scheme
- Introduces 'pay-as-you-grow' scheme
- Bounce back loans extended from 6 years to 10 years
- Businesses can choose to make interest-only payments now
- To extended deadline of all loan schemes until the end of the year
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