Her are some of the recent pledges.
It is not yet clear when/how they will be implemented – but “a matter of weeks” has been suggested by the Chancellor:
- A new ‘Coronavirus Job Retention Scheme’, is open to every employer in the country. The scheme will be operated by HMRC and will pay 80% of the salary of a ‘retained’ worker up to £2,500 a month. It will be backdated to 1 March and open initially for three months, with no limit set on its size.
- Local Housing Allowance (including for Universal Credit claimants) to be boosted to cover the lowest 30th percentile of market rents – effectively reversing the effect of George Osborne’s freeze on the benefit introduced in 2016.
- The Universal Credit Standard Allowance was boosted by £1,000 for the next 12 months with Working Tax Credits increased by the same amount.
- The minimum income floor for Universal Credit was suspended for anyone impacted by coronavirus, meaning it can be claimed by any self-employed people out of work at a rate equivalent to statutory sick pay.
- The next quarter of VAT payments is deferred, with businesses given until the end of the year to pay them.
- Self-assessment tax payments were deferred until January 2021
- The Business Interruption Loan Scheme was made interest free for one year as opposed to six months