Longer term strategy for coronavirus support schemes

The chancellor announced on 5 November that the coronavirus job retention scheme (CJRS) will be extended until the end of March 2021 for all parts of the UK. For claim periods running to 31 January 2021 the government will pay 80% of employees’ usual wages for hours not worked up to a cap of £2 500 a month. It will review the policy in January to decide whether economic circumstances are improving enough to ask employers to contribute more.

Mr Sunak also confirmed that the job retention bonus will no longer be paid in February 2021 because the CJRS will still be available. He said an alternative retention incentive will be put in place at a later date.

In addition the self-employment income support scheme (SEISS) has been revised. The SEISS grant extension will take the form of two grants each available...