Chancellor Rishi Sunak finally came up with his financial rescue package for Britain’s 5 million self-employed hit by the coronavirus.
He said that he believed the new package would cover 95% of self- employed.
At the heart of the package is a new Self-Employed Income Support Scheme worth 80% of their average monthly profits over the last three years up to £2,500 a month.
He told the 5pm press conference at Downing Street:
“I am proud of what we have done so far but I know that many self-employed people are deeply anxious about the support available for them.
“Musicians, sound engineers, plumbers and electricians, taxi drivers, driving instructors, hairdressers and child minders and many others through no fault of their own risk losing their livelihoods.
“To you I say: you have not been forgotten. We will not let you behind - we all stand together”.
The package will be open to anyone with trading profits up to £50,000.
And while I think this is a very good package overall, which has obviously been very difficult to assemble, I see one major concern for many self-employed.
That is how quickly self-employed people can access the grants.
Rishi Sunak said that people would be able to access the scheme “no later than June”.
But for many self-employed that will be too late.
“The scheme I have announced is fair and crucially it is deliverable”, said the Chancellor.
“What we have done, will I believe stand as one of the most significant interventions at any point in the history of the British State and by any government anywhere in the world”.
So, while I think Rushi Sunak’s Treasury is to be congratulated on assembling the self-employed package, there must now be real concern about the availability of the promised cash.
Can many of our self-employed people really wait over two months to get their first payments when most of them will be without day to day work?
- Log in to post comments