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Rishi Sunak has been forced to reveal new support plans to support specific locations and sectors within the UK as the economy continues to struggle under the weight of coronavirus. This announcement follows the unveiling of the Chancellor’s Winter Economy Plan which highlighted a “Job Support Scheme” would be replacing furlough plans as 2021 approaches. On top of this, Mr Sunak extended the Self Employment Income Support Scheme (SEISS), cut taxes for businesses and eased pay back plans for Bounce Back Loans. Follow along live below for more details on the government’s new plans.
Friday 9th October, 9am:
Coronavirus continued to have economic conceequences with the Bank of England recently confirming negative interest rate measures are in the “toolbox”. Retail banks and financial institutions have lso continued to lower interest rates on their product as the economy struggles, with NS&I announcing shocking reductions in recent weeks.
Friday 9th October, 8:30am:
HMRC have issued several warnings in recent weeks as demand for public resources shot up. Problems with tax bills and scams emerged just as second grant applications opened up. Additionally, savers, consumers and workers of all kinds were warned it has “never been more important” to check payslips as furlough fraud skyrocketed and National Minimum Wage investigations shot up.
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Friday 9th October, 8am:
The various support schemes on offer have creted a large public debt, which Rishi Sunak has vowed to address. As the coronavirus pandemic rolled on, many theorised on how the government would cover the UKs debt levels, which recently surpassed 100 percent of GDP for the first time since the 1960s. According to expert analysis, everything from a wealth tax to a triple lock reduction could be on the table.
Friday 9th October, 7:30am:
The economic impact coronavirus has forced millions of people to apply for Universal Credit for the first time and the government made changes to the system to provide additional support where possible. Earlier on in the year, Rishi Sunak provided a temporary boost to payments and while calls have emerged to make this uplift permanent, the Prime Minister has recenlty refused to do so.
Friday 9th October, 7am:
Rishi Sunak announed this morning the government’s latest plans for support for those facing financial difficulty thanks to aditional lockdowns in the UK. This comes as the government were forced to impose additional restrictions in the north of England as areas such as Durham, Gateshead, Newcastle, Northumberland, North Tyneside, South Tyneside and Sunderland faced local lockdowns.
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