Rishi reveals new rescue plan with 'wage top-ups and tax cuts' to replace furlough scheme

Businesses affected by the latest round of coronavirus restrictions will find out today the new support measures.

Chancellor Rishi Sunak will announce his winter plan after previously axing his autumn budget. The winter plan aims to support the economy during pandemic.

According to reports, his initiative will include VAT cuts, loans for hard-hit businesses and wage subsidies.

Rishi has come under huge pressure to extend the furlough scheme after Boris Johnson put restrictions on the country for the next six months, and talks of a potential second lockdown.

Furlough is currently ending at the end of October, however Sunak has repeatedly ruled out a wholesale extension of the programme but has been called upon to find other options amid warnings the new lockdown measures could put 540,000 people out of work.

It has been reported that the government will follow Germany with a wage top up scheme. This means companies can cut hours of employees and have the pay topped up by the government.

So far furlough has cost the government £39.3billion and is expected to exceed £50billion in total.







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