Chancellor Rishi Sunak’s announcement on Friday, of the additional changes to the Job Retention Scheme, was generally well received and showed once again that the Government is listening to the business community.
The changes which come in to place from July, will see a gradual reduction in furlough contributions from the Treasury and will give businesses additional time to rebuild their income streams and cash flows. In addition, it gives businesses the flexibility to bring people back on a part-time basis as the economy re-builds.
We will be urging the Government, with the British Chambers of Commerce (BCC), to be open to providing new and additional support for businesses who are unable to get back to work for an extended period, especially in sectors of the economy facing reduced capacity or demand due to the phasing of ongoing lockdown restrictions.
For many firms, facing significant uncertainty, for example those in the hospitality sector, even a small rise in contributions to the furlough scheme will be difficult to find when there is zero income coming in.
It was also welcome news for the self-employed who have seen their livelihoods greatly affected by the virus.
The Self-Employed Income Support Scheme (SEISS) will continue, covering the three-month period to the end of August. It will provide 70 per cent of average income based on the past three year’s profits.
We realise that many businesses and self-employed workers will still have issues and concerns around financial support, or perhaps do not qualify for the above schemes.
If you would like raise any issues so we can represent you at the highest level or signpost you to other possible sources of funding, please contact us at: email@example.com
If you want to talk to us about any business issues, you can call our switchboard on 01782 202222 or call the Stoke and Staffs Growth Hub Helpline on 0300 111 8002. We also have a weekday daily Twitter hour from 11am – 12noon #StaffsChamberChat