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Update 5 November Chancellor takes further steps to protect jobs, businesses and the self-employed

In an unexpected twist, the Chancellor Rishi Sunak has once again extended financial support to businesses and self-employed workers to help them through the difficult winter period and the new restrictions that are in place.

Speaking in Parliament, the Chancellor Rishi Sunak announced that the Coronavirus Job Retention Scheme (CJRS) would be extended again until 31 March 2021 to support furloughed employees. 

He also announced, that as a result of the extension the planned Job Retention Bonus would be withdrawn. Instead, a new retention initiative is promised “at the appropriate time”.

Support for the self-employed will also be further increased under the Self-Employment Income Support Scheme (SEISS) thanks to further increases to the taxable grant. 

To help you make sense of the Government’s latest announcement we have prepared a helpful update with the latest details.

The amendments to the latest measures are likely to have an impact on your plans for the future. If you require support or advice on these changes, please contact us