Categories: GlobalLatestNews

UK Chancellor Unveils New Economy Support Measures

Britain’s treasury chief has announced a plan to give small businesses greater flexibility to repay loans, as the government races to prevent widespread layoffs when earlier employer subsidies end next month.

Chancellor Rishi Sunak unveiled the plans as part of a package of economic measures, including a programme that subsidizes the wages of workers whose hours are cut due to the pandemic, during a speech to lawmakers.

The facility dubbed ‘Pay as You Grow’ allows companies to extend loans from 6 to 10 years, nearly halving the average monthly repayment.

“Businesses who are struggling can now choose to make interest only payments, and anyone in real trouble can apply to suspend repayments altogether for up to six months,” Sunak said. “No business taking up pay as you grow or see their credit rating affected as a result.”

The government reported 6,178 new confirmed COVID-19 cases Wednesday, a 25% increase from the previous day and the UK’s highest daily total since May 1.

To control the spike in COVID-19 infections, the British government on Tuesday introduced new restrictions, including a 10 pm curfew for bars and restaurants that goes into effect Thursday.

In measures targeted for the tourism and hospitality sector, Sunak said he was putting the brakes on a planned January VAT increase.

“To support more than 150,000 businesses and help protect 2.4 million jobs through the winter. He said he is cancelling I’m announcing today that we are canceling the planned increase and will keep the lower 5% VAT rate until March the 31st next year,” the Chancellor said.

Follow us on:

AriseNews

Recent Posts

CAC Removes Innoson, Daitama, 80,000 Dormant Companies From Register For Ignoring Annual Return Deadlines

The CAC has removed dormant companies that failed to file annual reports for 10 years…

5 hours ago

NEC Gives Kwara, Kebbi, Adamawa One Week To Submit State Police Reports

NEC has set a one-week deadline for Kwara, Kebbi, and Adamawa to submit state police…

7 hours ago

Amazon Faces Potential EU Investigation Over Preferential Treatment Of Own Products

Amazon may face an EU investigation over preferential treatment of its own products under the…

7 hours ago

Akpabio Hails Igbo Resilience + Ndume Begs Senate To Allow Ubah’s Widow Succeed Him – Trending With Ojy Okpe

https://cdn.veri.app/a21afe40-c7c7-4a5c-b145-4fc72382ab4b.mp4 Senate President, Godswill Akpabio, during the night of tribute, held in honour of the…

8 hours ago

Kano Governor Yusuf Reunites 76 Pardoned Minors To Families

The Kano State government has reunited 79 pardoned minors accused of looting in the #End…

8 hours ago

Matt Gaetz Steps Down as Trump’s Attorney General Pick

Matt Gaetz has announced that he is withdrawing his name from consideration as Donald Trump’s…

8 hours ago