Chancellor of the Exchequer, Rishi Sunak, said the UK faces “profound economic challenges”, and that the economy contracted by 25% in two months.Mr Sunak has announced a “jobs retention bonus” of £1,000 per employee to encourage bosses to keep on staff.
For many businesses and workers in the struggling hospitality sector, the support announced by Chancellor Rishi Sunak has come too late, but for others, the new scheme could yet be a lifeline. Report by Blairm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Asked how the job support package would be paid for, Rishi Sunak said therewould be “difficult” decisions in the future, during a press conference atDowning Street. Rishi Sunak said the extension of the VAT cut would add around£800 million to the existing £2.5 billion cost of the measure. He confirmedthat the Job Support Scheme would be around £300 million a month for eachmillion employees involved.
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Rishi Sunak has outlined new financial support for workers and businesses at a Downing Street press conference. The chancellor also warned "for at least the next six months the virus and restrictions are going to be a fact of our lives". Report by Blairm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Chancellor Rishi Sunak said he could not promise that “everyone can go back tothe job that they used to have”. At a Downing Street press conference he said:“We obviously can’t sustain the same level of things that we were doing at thebeginning of this crisis, but nor would it be right to do so either, becausethe situation has evolved.
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