It would appear that the fiscal rule book has been thrown out the window given the unprecedented impact the Coronavirus crisis is having, with this latest announcement by the Chancellor being the third significant promise of financial support in as many days.
One of the key measures announced by the Chancellor was the creation of the Coronavirus Job Retention Scheme, intended to allow UK Employers to apply for grants to cover 80% of an employee’s salary up to a maximum of £2,500 per month.
In making his announcement the Chancellor made an appeal directly to employers to stand by their workers during the coronavirus crisis, saying; “Let me speak directly to businesses: I know it’s incredibly difficult out there – we in government are doing everything we can to support you. The government is doing its best to stand behind you and I’m asking you to do your best to stand behind our workers.”
Full details of these latest measures and how they will actually work have not yet been revealed but will no doubt follow in the coming days, however we understand that Employers will be able to apply for these grants via HMRC.
The Prime Minister said the situation would be reviewed each month.
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