UK Chancellor Rt.Hon Rishi Sunak announces new plans to reinvigorate economy
The British Chancellor recently announced a colossal support package worth £billions to help boost the UK economy. The economical landscape has been under pressure with the global Covid-19 pandemic and the post Brexit context.
“Throughout this crisis, we have provided more than £280 billion of support to protect jobs and livelihoods up and down the country. We are committed to continuing to ensure jobs are protected and opportunity is created.”
Over 1.4 million loans have assisted businesses as well as safeguarding employment throughout many diverse industries.
The statistics showcase the retail and construction sectors which have benefitted the most, signalling how financial assistance packages are helping those suffering the most during this pandemic.
The government is also providing support for self-employed individuals and sole traders. If you’re self-employed or a member of a partnership and have been impacted by coronavirus (COVID-19) find out if you can use this scheme to claim a grant.
The Coronavirus Job Retention Scheme has been extended until 30 April 2021. Claims for furlough days in January 2021 must be made by 15 February 2021. You can no longer submit claims for claim periods ending on or before 31 October 2020.
UK Government Grants: However last July the Chancellor revealed that the UK economy would be boosted with an investment of £2Billion. This new scheme is called the Kickstart Scheme. The money was designed to:
What does the funding cover?
associated employer National Insurance contributions
employer minimum automatic enrolment contributions
The scheme allows employers to employ young people aged between 16-24 who are on Universal Credit. The company also gets £1500 grant per placement taken on to provide robust employability support. This money is to help provide employability support for people on placement i.e. support with personal development.
The Kickstart Scheme has already seen 120,000 placements created with young people starting work placements on a weekly basis. The scheme is very important in helping provide opportunities for young people who are the future of British society. Covid-19 has been a unique occurrence which has affected the world. As economies have been devasted and shrunk the Kickstart Scheme can help create resource for companies and benefit young workers helping them gain crucial skills and enhance their personal development as well as interpersonal skills.
Halal Incop is a Gateway provider for the Kickstart Scheme and has been working with dozens of companies supporting them with the application process, developing relevant roles and helping provide wrap around services such as employability support.
If you would like more information about the £2Billion Kickstart Scheme,