Rishi Sunak Announcement.

[mickd1961]

I take my hat off to the lad........it's a pity he’s not running the country as he’s a serious and intelligent politician.

I’m expecting to see an 80% reduction in business over the next six months so today’s announcement has saved at least 5 jobs at my place I believe.

Well played sir........yet again!

[regis80]

I take my hat off to the lad........it's a pity he’s not running the country as he’s a serious and intelligent politician.

I’m expecting to see an 80% reduction in business over the next six months so today’s announcement has saved at least 5 jobs at my place I believe.

Well played sir........yet again!

Whilst this news maybe welcome, how are we going to pay for this in the long term? All this support is well needed but something doesn’t sit right with me with what’s to come in the aftermath. Rishi has nothing but given handouts, had another other party member suggested the same they’d have been ridiculed. The magic money tree?? Yes it is unprecedented times and this news actually helps me. But i can’t help feel what price we’ll be paying at the end. Surely is a worrying time as well some sort assurance by the gov.

[mickd1961]

Whilst this news maybe welcome, how are we going to pay for this in the long term? All this support is well needed but something doesn’t sit right with me with what’s to come in the aftermath. Rishi has nothing but given handouts, had another other party member suggested the same they’d have been ridiculed. The magic money tree?? Yes it is unprecedented times and this news actually helps me. But i can’t help feel what price we’ll be paying at the end. Surely is a worrying time as well some sort assurance by the gov.

On second glance the scheme isn’t overly generous and will see tens of thousands of lost jobs.

As an employer you have to agree to,

1/ Employ for at least a third of their normal hours.

2/ Employer then pays all of the first third of the wages due.

3/ Of the remaining wages due the employer still has to commit to paying 50% of that additional money. Government is only paying about 22% of the total amount to a maximum of £697 a month.

4/ In summary and employer is still having to commit to paying that member of staff 55% of the money they are due!

If our takings drop by the 50% to 80% I am expecting from October to March then I won’t be able to afford to cover 55% of everyone’s wages.

I’ll have to make at least three or four staff redundant and then just hope they’re available to come back next spring when trade picks up.

I hate the idea of this and I’ve never made anyone redundant in 23 years,I’ve only ever grown my workforce.

I’ve never used zero hours contracts either and I don’t pay minimum wage because I think it’s an insulting amount of money but what’s the answer when in survival mode?

This is going to be an incredibly difficult six months for me and many business owners to navigate.

I agree with you Regis about the debt and the “paying back”.

Taxes will have to rise without question but that’s for 2022 and beyond.

In reality we all need to take every scrap of help on offer at present because even if we don’t we are going to get caned by next taxes and the like in the future.

If there’s a grant or a subsidy or rate relief then you’ve got to take it.

I’ve never explored this before but I did this year and we received a rates holiday and rebate for last year and the government small business grant of £25k which has helped a lot.

I invested most of this in upgrading my warehouse and a lot went to an electrician so it kept the money circulating in the economy with someone who needed the work.

If you haven’t applied already Regis then I can help and suggest if you need any info?

Best of luck.

[rambaggie]

He’s dammed if he helps people and dammed if he doesn’t. Every country in the world will be paying their country’s debts for years to come.

[baggieal]

Whilst this news maybe welcome, how are we going to pay for this in the long term? All this support is well needed but something doesn’t sit right with me with what’s to come in the aftermath. Rishi has nothing but given handouts, had another other party member suggested the same they’d have been ridiculed. The magic money tree?? Yes it is unprecedented times and this news actually helps me. But i can’t help feel what price we’ll be paying at the end. Surely is a worrying time as well some sort assurance by the gov.

I agree Regis! Still loads abusing this ie some self employed who are claiming and going to work! Still zero for company directors of limited companies who don’t/can’t take a wage!

Maybe greedy horrible companies like Amazon should be made to pay more taxes - oh I forgot they avoid whatever they can!

Seems like the ones on low incomes could face hardship and those wealthy footballers etc won’t have any life change!! I feel for charities who are losing millions - perhaps those on very high salaries can chip in to help!

[Dubbag]

This has been agreed by the top industrial countries of the world....They have the banking collapse of recent to use as the blue print......Quantitive Easing has been going on now for years....print more money rather then create it through trade...it has to be as there is no trade out there...so it has to be printed and sorted out later.
The alternative is civilization collapse which is not to outlandish a thought...This virus packs a punch alright..if it doesn't get your health it will get your wealth....
Environmental decline...economic decline and human decline......perfect storm coming!!

[holmleighchris]

He’s dammed if he helps people and dammed if he doesn’t. Every country in the world will be paying their country’s debts for years to come.

If every country in the world has debts then who do they owe the debt to?

[regis80]

On second glance the scheme isn’t overly generous and will see tens of thousands of lost jobs.

As an employer you have to agree to,

1/ Employ for at least a third of their normal hours.

2/ Employer then pays all of the first third of the wages due.

3/ Of the remaining wages due the employer still has to commit to paying 50% of that additional money. Government is only paying about 22% of the total amount to a maximum of £697 a month.

4/ In summary and employer is still having to commit to paying that member of staff 55% of the money they are due!

If our takings drop by the 50% to 80% I am expecting from October to March then I won’t be able to afford to cover 55% of everyone’s wages.

I’ll have to make at least three or four staff redundant and then just hope they’re available to come back next spring when trade picks up.

I hate the idea of this and I’ve never made anyone redundant in 23 years,I’ve only ever grown my workforce.

I’ve never used zero hours contracts either and I don’t pay minimum wage because I think it’s an insulting amount of money but what’s the answer when in survival mode?

This is going to be an incredibly difficult six months for me and many business owners to navigate.

I agree with you Regis about the debt and the “paying back”.

Taxes will have to rise without question but that’s for 2022 and beyond.

In reality we all need to take every scrap of help on offer at present because even if we don’t we are going to get caned by next taxes and the like in the future.

If there’s a grant or a subsidy or rate relief then you’ve got to take it.

I’ve never explored this before but I did this year and we received a rates holiday and rebate for last year and the government small business grant of £25k which has helped a lot.

I invested most of this in upgrading my warehouse and a lot went to an electrician so it kept the money circulating in the economy with someone who needed the work.

If you haven’t applied already Regis then I can help and suggest if you need any info?

Best of luck.

Thanks Mick, i’ve managed to get help in terms of rate relief and grants. But all of that has pretty gone straight into business and paying contractors.. so guess it’s helping some sectors. I’m currently trying to employ a friend who lost his job with a travel agency and there are some funds grants (hardly much) to take on those recently have lost jobs. I want to employ about 5 people but and genuinely do my part for general jobs growth for the economy. But it is so scary to try employ people for longer term and as you say this new scheme isn’t that ideal but only time will tell for me. Not sure what financial incentives there are to take on new staff.