Government

‘Wave of business insolvencies’ to hit Britain

Britain will be engulfed by a wave of insolvencies once government furlough schemes come to an end, business rescue specialists Begbies Traynor is warning. “There is very significant distress out there, there is a bow wave of problems,” Begbies Traynor chairman Ric Traynor told the London Evening Standard. He said that once Chancellor Rishi Sunak pulls back on support, wave

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Janet Jack’s Blog – Spending Review

The Chancellor Rishi Sunak delivered his Spending Review to the House of Commons this lunchtime. The Spending Review is a more low key event than the budget and the things that really interest us – like who will end up paying more tax and how much – aren’t part of the Spending Review. What we do know is that we

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Spending Review 2020: a summary

The UK economy will shrink 11.3% this year, the biggest decline for more than 300 years, Chancellor of the Exchequer Rishi Sunak said in his Spending Review. He said that the total spend on Covid-19 so far has been £280 billion, stressing the health emergency is not yet over and the economic emergency had “only just begun”. He has put

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Janet Jacks Blog – Furlough Scheme Extended

As England entered a second lockdown, the Chancellor Rishi Sunak again appeared in the House of Commons to announce he would be extending the furlough scheme until March 2021 – which is well after the current lockdown is due to end at the start of December. He told the Commons that the government will review the policy in January. The scheme

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Job Support Scheme up and running

The Job Support Scheme (JSS) opened on 1 November and will run for six months, until 30 April 2021. The government has said it will review the terms of the scheme in January 2021. There are two variations to the JSS – JSS Open and JSS Closed. JSS Open will provide support to businesses that are open and where employees

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Job Retention Bonus to be paid for furloughed staff

Companies will be able to claim a one-off payment of £1,000 for every eligible employee they furloughed and claimed for through the Coronavirus Job Retention Scheme (CJRS) and keep continuously employed until at least 31 January 2021. Those eligible for the scheme do not have to pay this money to their employee. Instead, they can claim the bonus between 15

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Bounce Back Loan Scheme could lose taxpayers £26b

The government faces a potential loss of £15 billion to £26 billion through businesses not being able to repay the loans made through the Bounce Back Loan Scheme and fraud. That’s the conclusion of a National Audit Office (NAO) report into the Bounce Back Loan Scheme, launched in April to provide loans of up to £50,000 to small businesses to

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Post-18 education set for big expansion

The government has set out plans to transform training and skills education to help the country recover from the economic damage caused by Covid-19. Adults without an A-Level or equivalent qualification will be offered a free, fully-funded college course, providing them with new skills and the opportunity to study at a time and location that suits them. Courses will be

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More adjustments to the furlough scheme

Further changes to the Coronavirus Job Retention Scheme (CJRS) come into force from 1 October. From that date, HMRC will pay 60% of usual wages up to a cap of £1,875 per month for the hours furloughed employees do not work. Employers must continue to pay furloughed employees at least 80% of their usual wages for the hours they do

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