Across the UK the governments furlough scheme has been extended.
The scheme will pay up to 80% of wage (up to £2,500 a month) throughout November and December, being reviewed in January when the % of wage will be looked at.
Anyone who was made redundant after the 23rd September can be rehired and put onto furlough.
This is great news for the hospitality industry and will put a lot of people’s minds at ease in the run up to Christmas. Of course it doesn’t help the businesses themselves when in lockdown but we know that paying staff is one of the biggest worries most owners have when times are slow so a slight weight will have been lifted.
There was also good news for the self-employed with the Self-Employment Income Support Scheme (SEISS) getting a third grant covering Nov – Jan calculated at 80% of annual trading profits up to a maximum of £7,500.
This comes on the back of news this morning that the Bank of England was putting £150 billion more into the economy.
The Prime Minister is to hold another one of his fascinating news conferences this afternoon at 5pm so get yourself a drink in.