Home Business News UK Chancellor orders a VAT freeze and will cover 80 per cent of salaried workers

UK Chancellor orders a VAT freeze and will cover 80 per cent of salaried workers

by LLB Reporter
20th Mar 20 5:23 pm

The Chancellor Rishi Sunak has announced at the daily Downing Street press briefing, said the government will pick up “most of” the wages of workers.

Sunak said on Friday, “Today I can announce that in the first time of our history, the government is going to step in and help pay people’s wages.

“We’re setting up a new coronavirus job retention scheme. Any employer in the country small or large, charitable or non-profit, will be eligible for the scheme.

“Government grants will cover 80% of the salary of retained workers up to a total of £2,500 a month – that’s just above the median income.”

Adding, “Please look at government support before laying off workers.”

The Chancellor also said, “VAT suspended for next quarter, nothing due til June and til end of year to repay.” Also Universal Credit will be “raised by £1,000 per year for a whole year.”

“The coronavirus business interruption scheme will now be interest free for 12 months”

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