Follow along for Rishi’s Winter Plan Announcements live…

• £12bn spent on Test and Trace so far
• “The economy is now more likely to undergo a more permanent readjustment”
• Furlough was the right policy at the time we introduced it however it’s wrong to keep people in jobs that are essentially now truly gone, get people new jobs and provide security going forwards

• Announcing today the new jobs support scheme, supporting wages of people in work on shorter hours
• Built on 3 principles
  • Will support viable jobs, people must work at least 1/3 of their normal hours
    • The government will then cover 2/3 of their pay from their reduced hours
  • Targetted support for small and medium sized business. Not for large businesses if their turnover hasn’t fallen during the crisis
  • Will run for 6 months starting in November

• Extending the self-employed grant on similar terms and conditions as the jobs support scheme

• Support for businesses’ cash flow
  • Bounceback loans: introducing pay as you grow. Loans can now be extended from 6 to 10 years. Businesses can now choose to make interest-only payments and businesses can ask to pause payments for up to 6 months
  • Coronavirus business interruption loans – government guarantee extended for up to 10 years
  • Deadline for all loan schemes extended until the end of this year and a new programme set to begin in January
• Businesses can now spread VAT payments over 11 small payments with no interest

• Hospitality and tourism: cancelling planned VAT increase. Lower 5% VAT rate will stay until March 2021

Statement over and done with after only 10 minutes…