Spending review summary; deadlines for furlough claims

Spending Review

The Chancellor of the Exchequer Rishi Sunak has delivered the Spending Review 2020 (SR20) to parliament, detailing the Government’s spending plans for the coming financial year.  Some of the key points from SR20 which may be of particular interest to you are summarised below:

  • The launch of a £2.9 billion Restart Programme, providing tailored support to more than a million unemployed people, helping them find work, with approximately £0.4 billion of funding in 2021-22.
  • £1.6 billion for the Kickstart Scheme to subsidise 250,000 new jobs for young people at risk of long-term unemployment.
  • £519 million to support the continued delivery of COVID-19 loans, including paying for the 12-month interest free period on the Bounce Back Loan Scheme (BBLS) and the Coronavirus Business Interruption Loans (CBILS).
  • The business rates multiplier will be frozen in 2021-22, saving businesses in England £575 million over the next five years. (The Government is considering options for further COVID-19 related support through business rates reliefs, with plans for 2021-22 due to be announced in the New Year.)
  • At least £490 million for Innovate UK core programmes and infrastructure to support ground-breaking technologies and businesses.
  • Resources to make £270 million in new commitments to support priorities in innovation and growth finance.
  • £50.7 million for business support programmes to improve SME productivity through leadership, management and technology adoption.
  • The Department for Business, Energy and Industrial Strategy (BEIS) has been allocated £557.5 million of capital funding for the British Business Bank, including: 
    • £422 million for the Bank’s planned activities in 2021-22, providing access to finance for small businesses across the UK and supporting them to grow.
    • £56.5 million to fund an expansion of the Bank’s Start-Up Loans scheme. This will provide an additional 1,000 loans to help catalyse new entrepreneurship in the economic recovery from COVID-19.
    • The full 2020 Spending Review policy paper can be accessed at GOV.UK website.

Coronavirus Job Retention Scheme (furlough) claim dates:

There are deadlines for claiming for periods of employee furlough, including:

• 30 November 2020 is the last day employers can submit or change claims for periods ending on or before 31 October 2020.

• Claims for furlough days in November 2020 must be submitted by 14 December 2020.

You can find more about claiming for employee wages as part of the scheme and cut off dates for claims here: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

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