Government announces increased financial support for businesses

The UK Government has announced today (Thursday 22 October 2020) that it will increase the financial support and schemes available over the winter months to help protect businesses and support jobs whilst the Covid-19 pandemic continues.

The key takeaways from the announcement by Chancellor of the Exchequer, Rishi Sunak, were:

  • open businesses which are experiencing considerable difficulty will be given extra help to keep staff on as contribution to wage costs under the Job Support Scheme will be significantly increased, and business contributions drop to 5%
  • business grants are to be expanded to cover businesses in particularly affected sectors, in high-alert level areas, helping them stay afloat and protecting jobs
  • grants for the self-employed will be doubled to 40% of previous earnings.

More detailed information can be found on GOV.UK. 

The NAS is here to promote, support, and develop its members, and the shopfitting and fit-out sector more broadly. If you or your business need advice or guidance during these unpredictable times, please get in touch with the team and we’ll be happy to help.