Chancellor Rishi’s unprecedented bid to save the economy in the face of Covid-19 outbreak.

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Chancellor Rishi’s unprecedented bid to save the economy in the face of Covid-19 outbreak.

In an unprecedented move to secure the economy against the coronavirus outbreak and it’s spread, Chancellor Rishi Sunak during his 2020 budget has promised to give Statutory Sick Pay to anyone who needs to self-isolate because of coronavirus from the first day they are off work, even if they do not have any symptoms. 

Introducing a three-point government response to coronavirus, the Chancellor says it will be ‘temporary, timely and targeted’ and designed to have ‘maximum impact’.

The points strategy is aimed at the government’s eagerness to do everything they can to secure both the countries health and economy.

Speaking to the  House of Commons, Mr Sunak said: “We are doing everything we can to keep this country and our people healthy and financially secure”.

Here are the key points from today’s budget to save the economy as well as secure the health of the nation.

  • The government will refund the cost of statutory sick pay for companies with up to 250 people. For staff who need to take up to 14 days off and abolish business rates for smaller businesses. Which means over £2 billion set aside for two million businesses. 
  • Whatever extra resources our NHS needs to cope with Covid-19, it will get.
  • So, whether its research for a vaccine, recruiting thousands of returning staff, or supporting our brilliant doctors and nurses – whether its millions of pounds or billions of pounds – whatever it needs, whatever it costs, we stand behind our NHS. If we expect 20% of the workforce to be unable to work at any one time, the cumulative cost would hit our small and medium-sized businesses hard.

So, in recognition of these exceptional circumstances, today I am taking a significant step.

  • Our manifesto promised that for shops, cinemas, restaurants, and music venues with a rateable value of less than £51,000, we would increase their business rates Retail Discount to 50%.
  • Today I can go further, and take the exceptional step, for this coming year, of abolishing their business rates altogether.

  • ‘But there are tens of thousands of other businesses in the leisure and hospitality sectors, currently not covered by this policy. ‘Museums, art galleries, and theatres; Caravan parks and gyms; Small hotels and B&Bs; sports clubs, night clubs; clubhouses, guest houses. They would not benefit from today’s measure – but they could be some of the hardest-hit. So for this year, I have decided to extend the 100% retail discount to them as well”, he said.

More to come.

Faustina Anyanwu
Faustina Anyanwu
Faustina Anyanwu is a features writer focusing on people's stories, entrepreneurship, start-ups, social media marketing, and profiling. Follow her on Twitter - @fauntee Official Website: Mantra: Real Women Think Legacy.