The first steps to recovery?
Richard Lishman reviews the 2020 summer statement. The 2020 summer statement announced by Rishi Sunak was designed primarily to help the UK population recover from the devastation of the coronavirus pandemic.
It was largely focused on preventing and tackling unemployment by attempting to enhance the financial environment for businesses and encourage them to retain and take on new staff. Acknowledging that these were only the first steps in an evolving path to recovery, Sunak commented: “Although hardship lies ahead, no one will be left without hope… Our plan has a clear goal – to protect, support and create jobs.”
Furlough scheme update
About the novel furlough scheme, Sunak said that it, “… has been a lifeline... but it cannot and should not go on forever”. He confirmed some details of the gradual tapering off of the scheme until the end of October.
On the plus side, practices will be able to claim a retention bonus of £1,000 for each member of staff brought out of the furlough scheme. For those practices able to bring back all their staff, this is a very positive development, helping towards overheads as some sort of normality is resumed.
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