BUDGET 2020 FOR CORONAVIRUS

The 2020 Budget saw the Chancellor unveil an ‘historic’ spending rise with some eye-watering sums, covering both the immediate challenge of the corona virus and the threat of recession, identified by the Office for Budget Responsibility.
Funded through £130 billion of extra borrowing rather than tax rises, though revenue raised from Corporation tax and Entrepreneurs’ Relief, and deficits becoming permanent rather than being phased out.

BUDGET FOR THE CORONAVIRUS
The measures complemented the emergency rate cut from the Bank of England and provide financial bridge during the outbreak, these measure include;

• Statutory Sick Pay from the first day off work for all those advised to self-isolate. This paid by the employer, but businesses with less than 250 employees can reclaim the cost for 14 days of isolation, even if they have not presented with symptoms.
• Self employed workers who are not eligible will be able to claim Employment and Support Allowance (ESA) from day one of “illness” worth £73.10 per week (£57.90 for under 25s)
• Firms with less than 250 staff will be refunded for sick pay payments for two weeks

In addition, funding has been made available to support businesses.

• Small firms will be able to access Business Interruption Loans of up to £1.2m
• Business Rates in England will be abolished for firms in the retail, leisure and hospitality sectors with a rateable value below £51,000; and
• Business Rates Discount  for pubs to rise from £1,000 to £5,000 per year
• Councils will also have access to hardship fund to help vulnerable people in their area.

As well as support for the NHS.

OTHER KEY MEASURES
For other key budget measures and their implications of these, See Our News section

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-  Budget 2020