Chancellor treats business with £30bn virus plan
Rather than let the coronavirus usurp his Budget today, Chancellor Rishi Sunak opened his dispatch box debut by tackling the issue head on with a £30bn support package for business and the wider economy.
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The detailed Budget notes say the cash will be distributed by HMG to local authorities for them to distribute as they see fit (or words to that effect). No guidance how it can be claimed or whether a claim is required at all. Typical 'Westminster bubble' speak that does not translate readily into real world practicality. I suspect that this 'emergency' aid to small businesses will not reach some until it is too late...
This £30BN isnt even close to adding up.
Are these real Billions (ie 1000 million) or a 'Westminster billion' ie 100 Million?
£2BN on SSP. SSP is £95 a week, so that's what 2,000,000,000 over 95 = 21 million weeks off work & claimed. Really!?!?!? Remember this is only small and medium employers. Given there is not even a system for making these reclaims I cant see quite how they will be paid out any time soon.
The loan guarantee is not spending its just "supporting" loans (which will probably never be made) upto a gross value of £1 billion
The business rate relief looks suspect too. Are there really 700,000 businesses claiming SBRR?
We are supposed to be accountants and should questions dodgy spin stats.