{"id":7521,"date":"2020-10-29T17:05:23","date_gmt":"2020-10-29T17:05:23","guid":{"rendered":"https:\/\/sbwm.uk\/?p=7521"},"modified":"2020-10-29T17:05:25","modified_gmt":"2020-10-29T17:05:25","slug":"the-chancellors-winter-economy-plan","status":"publish","type":"post","link":"https:\/\/sbwm.uk\/v3\/newsletter\/the-chancellors-winter-economy-plan\/","title":{"rendered":"The Chancellor\u2019s Winter Economy Plan"},"content":{"rendered":"<p><b>The latest pandemic support measures are less generous than before.<\/b><\/p>\n<p>As the country braced for dealing with further localized outbreaks of Covid-19, the Chancellor made an early autumn appearance before the House of Commons to announce his \u2018Winter Economy Plan\u2019. He announced new employment support and amendments to existing schemes.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<h5><b>Job Support Scheme (JSS)<span class=\"Apple-converted-space\">\u00a0<\/span><\/b><\/h5>\n<p>The JSS is the next stage of the furlough scheme (strictly the Coronavirus Job Retention Scheme (CJRS)), which comes to an end on 31 October. The JSS, which will run until 30 April 2021, is aimed primarily at small and medium-sized employers and will only apply to employees who work at least one third of their normal hours. For the hours that are not worked, the government and the employer will each pay one third of lost pay. The net results in terms of employee income and employer cost are shown in the table below.<\/p>\n<p><a href=\"https:\/\/sbwm.uk\/v3\/wp-content\/uploads\/2020\/10\/The-Chancellors-Winter-Economy-Plan-chart.jpg\"><img decoding=\"async\" class=\"alignnone  wp-image-7522 lazyload\" data-src=\"https:\/\/sbwm.uk\/v3\/wp-content\/uploads\/2020\/10\/The-Chancellors-Winter-Economy-Plan-chart-1024x350.jpg\" alt=\"The Chancellors Winter Economy Plan chart\" width=\"699\" height=\"239\" data-srcset=\"https:\/\/sbwm.uk\/v3\/wp-content\/uploads\/2020\/10\/The-Chancellors-Winter-Economy-Plan-chart-1024x350.jpg 1024w, https:\/\/sbwm.uk\/v3\/wp-content\/uploads\/2020\/10\/The-Chancellors-Winter-Economy-Plan-chart-300x103.jpg 300w, https:\/\/sbwm.uk\/v3\/wp-content\/uploads\/2020\/10\/The-Chancellors-Winter-Economy-Plan-chart-768x262.jpg 768w, https:\/\/sbwm.uk\/v3\/wp-content\/uploads\/2020\/10\/The-Chancellors-Winter-Economy-Plan-chart.jpg 1200w\" data-sizes=\"(max-width: 699px) 100vw, 699px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 699px; --smush-placeholder-aspect-ratio: 699\/239;\" \/><\/a><\/p>\n<p>Payments under the JSS will not affect an employer\u2019s entitlement to the \u00a31,000 Job Retention Bonus.<\/p>\n<h5><b>Self-Employed Income Support Scheme (SEISS)<\/b><\/h5>\n<p>The existing scheme has been restructured and extended to April 2021. Only those already eligible will be entitled to claim. The first grant, covering the three months to 31 January 2021, will cover 20% of average monthly trading profits and is capped at \u00a31,875. The terms of the grant for the next three months will be set \u2018in due course\u2019.<\/p>\n<p>Both the JSS and revised SEISS are considerably less generous than the existing CJRS and SEISS, which have so far (to 20 September) cost the Treasury over \u00a352 billion. This cut to support is understandable from the government\u2019s financial viewpoint, but it is also a reminder of the importance that your personal financial planning makes provision for an adequate cash reserve.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-7521\" data-postid=\"7521\" class=\"themify_builder_content themify_builder_content-7521 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>The latest pandemic support measures are less generous than before. As the country braced for dealing with further localized outbreaks of Covid-19, the Chancellor made an early autumn appearance before the House of Commons to announce his \u2018Winter Economy Plan\u2019. He announced new employment support and amendments to existing schemes.\u00a0 Job Support Scheme (JSS)\u00a0 The [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":33,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-7521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"builder_content":"","_links":{"self":[{"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/posts\/7521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/comments?post=7521"}],"version-history":[{"count":0,"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/posts\/7521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/media\/7523"}],"wp:attachment":[{"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/media?parent=7521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/categories?post=7521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/tags?post=7521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}