At 12.30 today, The Chancellor addressed the House and the Nation regarding his 3 Point Plan to re-open the economy by supporting businesses and employees.<\/p>\n
In his statement he called for decisive action to protect the economy as businesses worry about going out of business, employees remain anxious about job losses and the hardship which lies ahead.<\/p>\n
In just 2 months, the economy has contracted by 25%. The same amount it grew in the previous 18 years, leading to the deepest global recession since records began. The Bank of England are projecting significant job losses. A very real and urgent challenge as businesses struggle to survive.<\/p>\n
Today\u2019s Statement addresses how the Government can face this public challenge and put the UK back in a stable condition. So, today marked the second phase of the three step economic response to COVID 19 which is:<\/p>\n
<\/p>\n
The Phase 2 \u2013 Support Summary <\/strong><\/p>\n In Phase 1, a \u00a3160 billion plan was put in place to protect jobs, income and businesses as they had to close. In addition, 1 million businesses were supported through tax, loan and grant assistance. This intervention significantly protected income.<\/p>\n Phase 2 now concentrates on re-opening the economy to try and mitigate businesses having to stop trading and hiring. It focusses on economic and business recovery and the Economic Statement announced a number of initiatives to try and lessen the number of businesses closing and therefore saving jobs. These were;<\/p>\n <\/p>\n Job Retention Bonus<\/strong><\/p>\n Employers who get employees back from furlough and continuously employ them through to January, will receive a \u00a31,000 bonus per employee. The employee must earn a minimum of \u00a3520 per month from November until January for the employer to qualify. If the 9 million people on furlough return, this will be a \u00a39 billion policy.<\/p>\n \u00a0<\/strong><\/p>\n 3 Point Plan <\/strong><\/p>\n A 3 point plan which aims to 1) support people to find jobs, 2) create jobs and 3) protect jobs, will see a number of initiatives launched. These include:<\/p>\n <\/p>\n Investing in infrastructure<\/strong><\/p>\n Alongside the \u00a388 billion of capital already announced, an additional \u00a35 billion will be provided for investment projects covering the 4 corners of roads, schools, hospitals and high streets.<\/p>\n <\/p>\n Protecting jobs that already exist <\/strong><\/p>\n The hospitality and tourism sector employ 2 million people. 80% of hospitality firms had to temporarily stop trading in April 2020 resulting in the highest proportion of furloughed workers in any sector (1.4 million). To aide business recovery here, Rishi Sunak;<\/p>\n <\/p>\n Summary <\/strong><\/p>\n A number of other initiatives including green jobs and green home grants and 0% stamp duty on properties up to \u00a3500,000 were announced by The Chancellor in this Phase 2 Support Summary before we move to Phase 3 \u2013 Rebuild.<\/p>\n Will these measures be enough to keep businesses trading? For some yes and the announcement is a positive step for economic and business recovery but there have been and will continue to be businesses who will unfortunately become insolvent. Businesses closing and jobs being lost is inevitable, but today\u2019s Statement is all about damage limitation. Over the coming months, the UK will start to see what results The Chancellor\u2019s Economic Statement brings and will welcome all of the positive outcomes for business recovery.<\/p>\n The Government is being forced to react to unprecedented circumstances as are businesses in recovery mode and those threatened with insolvency. Business owners and their advisors need to be aware of how The Chancellor\u2019s Economic Statement could affect the decisions they need to take.<\/p>\n The Partners at Elwell Watchorn & Saxton (EWS)\u00a0are available to provide free initial consultations; whether that is in person, via video conference or by telephone. Please complete our enquiry form and we will be in touch https:\/\/www.ewsllp.co.uk\/contact-us\/<\/a> , alternatively, you can find your nearest office here https:\/\/www.ewsllp.co.uk\/locations\/<\/a>.<\/strong><\/p>\n EWS is an independent business recovery firm with a collaborative approach and a commitment to finding the right solutions for businesses and individuals with financial challenges. Our reputation and focus on the best quality of service and project delivery means that we are constantly recommended by professionals to work with businesses and individuals that face financial difficulties.<\/p>\n","protected":false},"excerpt":{"rendered":" At 12.30 today, The Chancellor addressed the House and the Nation regarding his 3 Point Plan to re-open the economy by supporting businesses and employees. In his statement he called for decisive action to protect the economy as businesses worry about going out of business, employees remain anxious about job losses and the hardship which […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[11],"tags":[],"acf":[],"yoast_head":"\n\n
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