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Not just any plan, a Rishi Sunak plan

Discussion in 'Personal' started by Jamvic, Sep 23, 2020.

  1. Jamvic

    Jamvic Star commenter

    Must admit I’ve stolen the thread title from a twitter comment because I liked it. It was either that or...

    Rishi Sunak‘s cunning plan.

    Anyway, he’s announced on Twitter that he’s going to update the House tomorrow with an updated economic plan to help the UK survive the winter months.

    774B8DAF-072A-4AFA-BCCE-E3575AA8CE29.jpeg

    I wonder if there will be a continuation of the furlough scheme, even though it would be an unpopular move with his Party. Or, will he go for a version of the German part-time working subsidy?

    https://www.google.co.uk/amp/s/amp....-up-german-style-wage-subsidy-scheme-covid-19
     
  2. ajrowing

    ajrowing Star commenter

    But the German government isn't allowed to borrow money because the EU says it is bad, so how can they possibly be providing wage subsidies?
     
  3. racroesus

    racroesus Star commenter

    Banks in London are laundering money for them as they do for many foreign enterprises.
     
    Jolly_Roger15 and ajrowing like this.
  4. Jamvic

    Jamvic Star commenter

    Because it’s creative and imaginative apparently.

    At PMQ’s BoJo was pressed to act swiftly by opposition MPs to avoid a “tsunami of job losses”.

    He said Sunak was looking for “creative and imaginative” alternatives.

    The statement tomorrow is expected at around 12.30pm.
     
    Last edited: Sep 23, 2020
  5. LondonCanary

    LondonCanary Star commenter

    That is not correct. German debt is 62% of GDP.
     
  6. ajrowing

    ajrowing Star commenter

    I know it is not correct, but some other posters on here don't, so shall we just keep it between ourselves and try not to mention it to an of the pro-Brexit snowflakes?
     
  7. LondonCanary

    LondonCanary Star commenter

    I think you should stop wasting my pixels.
     
  8. ajrowing

    ajrowing Star commenter

    It is tedious isn't it. There is a group of pro-Brexit posters on here who do their cause no favors by consistently ignoring all facts.
     
  9. Jamvic

    Jamvic Star commenter

    There will be so many people feeling stressed while they wait to hear what scheme is announced tomorrow. For many the measures he decides on could make the difference between keeping or losing their jobs.
     
  10. gainly

    gainly Star commenter

    Maybe a "drink out to help out" to compensate the pubs for having to close at 10 pm. A free double whisky with every pint.
     
    Jamvic, emerald52 and ajrowing like this.
  11. burajda

    burajda Star commenter

    Well if Rishi carries on with marxist economics then splits will inevitably become more visible in the Tory ranks. For many the party is increasingly abandoning business and wealth creating capitalism and has been doing so since the Brexit referendum as it has embraced populism and nationalism. Covid restrictions are generally popular and so is the furlough scheme but both are 'big state, high tax' projects that run against the Tory DNA but Labour are on board. This old fashioned consensus now sits on Labours natural and comfortable turf but wont be sustainable for the Tory party if one wing is pulling against the other, particularly if the death rates rise and unemployment surges. Boris will been seen as the one to blame for badly handling the crisis. Labour could capitalise on that, particularly if the Tories, despite their majority, look split and disloyal.
     
    Last edited: Sep 23, 2020
    Jamvic, monicabilongame and sodalime like this.
  12. LondonCanary

    LondonCanary Star commenter

    You have to be kidding.
     
    WB likes this.
  13. Ivartheboneless

    Ivartheboneless Star commenter

    Last time we had lockdown the price of petrol and diesel came down. More of that please Mr Sunpak. (And can we have your raisins and peanut butter free?)
     
  14. Jamvic

    Jamvic Star commenter

    There’s a chance he may be speaking a bit earlier now.


    Rishi Sunak is expected to give an announcement today to unveil a multibillion-pound package of support for the economy this winter.

    The announcement is due to be made in the House of Commons at 12.30pm - although PA reports the statement could be as early as 11.45am now.

    You can watch on Sky News, BBC News and Parliament TV.

    https://www.google.co.uk/amp/s/www....ent-today-time-Winter-Economy-Plan-update/amp
     
  15. gainly

    gainly Star commenter

    Any thoughts on the scheme? From a purely financial point of view it would be cheaper for the employer to keep on one person fulltime and make the other person redundant rather than keeping two people on working 50% of fulltime.
     
    Jamvic likes this.
  16. racroesus

    racroesus Star commenter

    Pensioners to lose fuel allowance since prices are relatively low at the moment?
     
  17. gainly

    gainly Star commenter

    These are the main points:

    A new Jobs Support Scheme will be launched for employees working at least a third of their normal hours, who are being paid for that as normal. The government and employers will jointly increase their wages to cover two-thirds of their lost pay and the employee will keep their job
    All small and medium-sized businesses are eligible, but larger businesses must show their turnover has fallen during the crisis. Employers can use it even if they have not previous used the furlough scheme it replaces
    It will run for six months from November
    The existing grant for self-employed people is being extended on similar terms to the Jobs Support Scheme
    A “pay as you grow” scheme was announced for businesses, allowing them to extend their bounce back loans from six to 10 years, reducing their payments
    Businesses can also move to interest-only payments or suspend repayments for six months if they are "in real trouble". Credit ratings will be unaffected
    The government guarantee on Coronavirus Business Interruption Loans will be extended to 10 years and a new successor loan guarantee programme will be announced in January
    The temporary reduction of VAT from 20% to 5% for some sectors will remain in place until 31 March 2021
     
    Jamvic likes this.
  18. nervousned

    nervousned Lead commenter

    Jamvic likes this.
  19. LondonCanary

    LondonCanary Star commenter

    Possibly. It depends on aversge weekly wage and any liability for statutory redundancy payments
     
    Jamvic likes this.
  20. Jamvic

    Jamvic Star commenter

    Thanks for the summary @gainly very helpful.

    I agree @LondonCanary redundancy liability will be a big consideration in decision making for companies. It may work out more cost effective overall for some employers to let staff go who would only be entitled to a few weeks redundancy payment and keep the reduced staff force on full time. I wonder if the £1000 bonus per member of staff kept on full time until January (I think) will still be available for firms to claim. Would they lose that if they moved people to part time hours?
     

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