Type of Intervention: Financial and Economic
Sectors Involved: Finance/Economy, Private Sector and Businesses
Level of Jurisdiction: National
Lead People/Agency: HM Treasury
Rishi Sunak MP
Overview: The chancellor, Rishi Sunak, said the state will pay grants covering up to 80% of the salary of workers if companies kept them on their payroll, rather than lay them off as the economy crashes. The payments will be worth up to a maximum of £2,500 per month, just above the median income.
The chancellor deferred the next quarter of VAT payments to try and help companies stay afloat. He also increased the value of universal credit and tax credits by £1,000 a year to help more than 4m vulnerable households across the country.
He also earmarked £1bn of extra support for renters, ramping up housing benefit and universal credit so the local housing allowance will cover at least 30% of market rents in a local area.
Full details here: https://www.gov.uk/government/speeches/the-chancellor-rishi-sunak-provides-an-updated-statement-on-coronavirus
Other links: 1
Type of Justification: Advice of INTERNAL government advisory committee or group
Source of Evidence or Justification: National – government