Market news
24.09.2020, 11:07

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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