IN IT TOGETHER
Boris to unveil ‘unprecedented’ wage boost and tax cuts for workers hit by coronavirus
BORIS Johnson will today unveil an “unprecedented” wage boost and flurry of tax cuts for workers hit by the coronavirus.
Cuts to employers’ national insurance, the basic rate of income tax and plans to subsidise people’s wages are all being considered to help those who will “really suffer” due to the crisis.
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The sweeping plans will be unveiled at this evening's press conference by the Prime Minister and Chancellor Rishi Sunak.
According to the the Government will splash out to boost Britain's workers and even help companies pay their staff wages.
They say the Government could underwrite around £17,000 of every worker's salary, with officials looking at underwriting 60 per cent of the average wage - which is around £28,000.
The bumper scheme was due to be announced next week, but is now thought to have been moved forward after Tory MPs said the current plans are “simply not going to be enough”.
Former Business Secretary Greg Clark said: “As each day goes past, businesses are making decisions that will be irreversible.
"If the government does not act immediately large numbers of people will be unemployed".
The Chancellor met with his top team last night, with the treasury deciding the help was urgent.
A source told the : "A lot of businesses are hours, not days, away from collapse. It's critical that we get cash to them now."
Mr Sunak had already unveiled a massive £330billion coronavirus war chest to battle the virus.
The Chancellor's extra measures to keep the sinking economy afloat included:
- £350billion in guaranteed loans for businesses - equivalent to 15 per cent of GDP
- Three month mortgage payment holiday for struggling homeowners
- Loans of up to £5million for small businesses - interest free for six months
- Big companies can get low-cost Bank of England loans
- Cash grants of up to £25,000 for pubs, restaurants and other hospitality and retail businesses
- A one-year holiday from business rates for retailers
- Pubs and restaurants to become takeaways without planning permission
- Businesses insured against pandemics can claim
- Another £3.5billion for Scotland, Wales and Northern Ireland for businesses
- Pledge of more money for the NHS if and when it's needed
- Work with unions and businesses over sick pay, workers' rights and welfare benefits
Yesterday the Prime Minister promised more help was coming, and vowed to “stand by the workers of this country”.
He said: “I’m all too aware of the difficulties and worries they face.
“My message to business is stand by employees because we are going to stand by you. We are going to stand by the workers of this country.”
The dramatic sweeping measures came as:
- The death toll from coronavirus has now reached 177 in the UK with confirmed cases up to 3,983
- No10 insisted today that draconian lock-down measures that keep people in their homes were NOT on the cards
- Pubs closures in the capital are possible to stop the spread further
- Schools will shut from this evening - with exams cancelled
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