UK to apparently offer financial lifeline to 5m self-employed amid coronavirus impact

Amid an earlier announced job retention scheme for employees, the Chancellor of the Exchequer Rishi Sunak has faced pressure to do more for the UK’s self-employed amidst the spreading COVID-19 coronavirus pandemic.

On Thursday, the UK government will reportedly reveal plans to offer financial aid to some 2 million of the country’s 5 million self-employed workers during the COVID-19 coronavirus outbreak by making payments directly into their bank accounts.

“Capped and means-tested to benefit those on lower incomes, the payouts will be made on a monthly basis directly into their bank accounts,’’ The Times reports said.

Earlier, The Guardian reported that Chancellor of the Exchequer Rishi Sunak would unveil plans for the UK taxpayer to pay self-employed workers up to 80 per cent of their most recent earnings.

It also added to offer them support in conditions of an economy reeling from the impact of the coronavirus.

The report move came in the wake of an ambitious job retention scheme for UK employees unveiled on 20 March.

According to it, the government is to pay the wages of millions of workers across the country to safeguard them against losing their incomes due to the economic fallout from the coronavirus outbreak.

Chancellor Rishi Sunak has pledged the state will pay grants covering up to 80 per cent of the salary of employees as long as firms agreed to avoid layoffs.

Sunak said the payments set to be worth a maximum of 2,500 pound per month, slightly over the median income.

The developments came days after the British government revealed its emergency business bailout package worth 350billion pound to help the economy dodge a severe recession as the disease spreads. (Sputnik/NAN)


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