Rishi’s rescue: Chancellor scales up bailout package What the Chancellor announced tonight: The government will cover 80 per cent of wages for companies to keep workers on.It will pay up to £2,500 a month – equivalent to the UK average wage of £30,000 a year.The Chancellor said there was no limit to how much the government will spend.VAT bills worth £30billion of VAT bills for the next quarter will be deferred.A £7billion boost to welfare to ‘strengthen the safety net’ will be made.A £1billion boost to housing benefit to help renters.Rescue package will last an initial three months and be financed by borrowing.If the government pays out the maximum rate to five million people it would cost £12.5billion a month. If the situation continues for a year that could cost £150billion – roughly equivalent to the annual NHS budget. What had already been announced: A £30billion fiscal stimulus in the Budget last week, including £12billion directly for the fight against coronavirus, with more money for NHS; Government-backed loan guarantees worth £330billion – equivalent to 15 per cent of GDP. TheTreasury will increase this with ‘as much capacity as required’ A £20billion package for business including a 12-month rate holiday for all firms in retail, leisure and hospitality… Read full this story
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Rishi Sunak's blank cheque to save jobs and businesses: Government to cover 80% of workers' salaries up to £2,500 a month, defer VAT bills and increase welfare payments by £7billion in extraordinary package to fight coronavirus crisis have 371 words, post on www.dailymail.co.uk at March 20, 2020. This is cached page on GameMax. If you want remove this page, please contact us.