The Chancellor’s announcement of further emergency support measures for businesses instead of the usual autumn budget is yet another reminder of the extraordinary times we find ourselves in.
Many business leaders had been calling for an extension of the Coronavirus Job Retention Scheme which was due to end on 31 October, but the Chancellor announcing that this cannot be extended in its current form is a clear indication that the costs of the support measures over the last 6 months cannot be sustained and that eventually these measures will need to be paid for.
The new measures include a more targeted Job Support Scheme to follow on from the end of the Job Retention scheme; further grants for the self-employed and an extension of the VAT reduction for the hospitality and tourism sector.
Winter_Economy_Statement_September_2020
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