The Winter Economy Plan outlines the government's plans to protect jobs and support businesses over the coming months.
Here is a quick overview of what was announced:
Support for workers
- A new Job Support Scheme will be introduced from 1 November to protect viable jobs in businesses who are facing lower demand over the winter months due to coronavirus.
- Self Employment Income Support Scheme Grant will be extended.
Tax cuts and deferrals
- Extension to the temporary 15% VAT cut for the tourism and hospitality sectors to the end of March next year.
- New Payment Scheme introduced for those who deferred their VAT bills, allowing businesses to pay back in smaller instalments.
- Additional 12-month extension from HMRC on the 'Time to Pay' self-service facility.
Giving businesses flexibility to pay back loans
- Pay as You Grow flexible repayment system introduced for those businesses who took out a Bounce Back Loan.
- Extension for applications for the coronavirus loan schemes until the end of November. As a result, more businesses will now be able to benefit from the Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme, the Bounce Back Loan Scheme and the Future Fund.