After a week of rumours and alleged leaks regarding The Budget, we can now confirm what has been announced by Chancellor Rishi Sunak on Budget Day (Wednesday 3 March 2021).
Below are some of the key takeaways from The Budget for the Employment Sector:
- As expected, the Furlough scheme will be extended until the end of September. Therefore, employees will continue to receive 80% of their current salary for hours not worked. From July the Treasury will ask employers for a 10% contribution to Furlough. This rises to 20% in August and September.
- The Chancellor confirmed that support for the self-employed will also extend until the end of September. This is to include an extension for around the 600,000 previously excluded under the scheme;
- The incentive payments to businesses for employing apprentices, of any age, will be doubled to £3,000 for all new recruits;
- A £20 a week temporary increase in Universal Credit has been further extended for six months;
- Restart grants in order to help businesses reopen will be available. This will initially be available for non-essential retail, followed by the hospitality and leisure businesses.
- Businesses can apply for a loan under a new 'Recovery Loan Scheme' which replaces the previous Bounce Back Loan scheme.
For more information contact Andrew Halpin in our Employment & HR department
via email or phone on 01772 220239.
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