Rishi Sunak doubles self-employment grant in £3.1bn package

Rishi Sunak doubles self-employment grant in £3.1bn package

Speaking in the House of Commons, Rishi Sunak shared the new help available. He said: “I’ve always said that we must be ready to adapt our financial support as the situation evolves, and that is what we are doing today.

“These changes mean that our support will reach many more people and protect many more jobs.

“I know that the introduction of further restrictions has left many people worried for themselves, their families and communities.

“I hope the government’s stepped-up support can be part of the country pulling together in the coming months.”

Detailing what he is introducing for the self-employed, he said: “Today’s announcement increases the amount of profits covered by the two forthcoming self-employed grants from 20 per cent to 40 per cent, meaning the maximum grant will increase from £1,875 to £3,750.

 READ MORE: Self-employed to face ‘a long, cold & hungry winter’ – changes needed

“Support for local authorities, support for the self employed, support for people’s jobs and incomes all on top of over 200 billion pounds of support, since March.

“This is our plan. A plan for jobs for businesses for the region’s, for the economy for the country a plan to support the British people, and I commend this statement to the House.”

This is not the first time the Chancellor has provided the self-emplyed with support. 

The Self-Employment Income Support Scheme (SEISS) was launched earlier on in the year and it has been recently extended into April 2021. 

Derek Cribb, the CEO of IPSE (the Association of Independent Professionals and the Self-Employed), respondded to the announcement: “It’s welcome that the government has doubled SEISS to 40 percent of previous income.

“However, there are still deep structural problems with the scheme, which the government must urgently address.

“A third of the self-employed – including sole directors of limited companies and the newly self-employed – are still completely excluded from SEISS (and the proportion is even higher in the hospitality sector). This is an enormous omission and it is deeply troubling that the government has not addressed this.

“The gaps in the support have already led to the biggest drop in the number of self-employed on record – over 250,000 since the beginning of the year. With large parts of the country locking down again, this is only set to worsen as many forgotten freelancers face financial devastation. Government must act now and open up SEISS or other targeted support to these groups.”

Published at Thu, 22 Oct 2020 11:06:00 +0000