Blackrose Accountants reveals after scrapping his plan for an autumn budget yesterday, Sunak today announced fresh measures to halt job losses and business failures.
The Furlough Scheme Replacement: Key Elements
- Flexible Support:
The replacement scheme recognizes the need for flexibility. It provides employers with the option to bring employees back to work part-time while still receiving financial support. This flexibility helps businesses gradually transition back to normal operations.
- Targeted Assistance:
The replacement scheme is designed to target businesses that have been most affected by the pandemic. It provides support based on specific economic conditions, allowing for a more tailored approach.
- Training and Skill Development:
Another important aspect of the replacement scheme is its emphasis on training and skill development for employees. This not only helps individuals gain new skills but also supports businesses in building a more resilient workforce.
- Sector-Specific Support:
Some sectors have been disproportionately affected by the pandemic. The replacement scheme recognizes this and offers sector-specific support to ensure these industries can recover more effectively.
- Government-Backed Loans:
In addition to the replacement scheme, the government is providing loans to businesses to aid their recovery. These loans come with favourable terms and conditions, providing a financial boost to businesses in need.
How to Navigate the Transition
If you’re an employer or an employee, understanding and navigating this transition is crucial. Here are some key steps to consider:
For Employers:
- Stay Informed: Keep up to date with the latest information regarding the replacement scheme. Government guidance and announcements are essential resources.
- Plan Strategically: Assess your business’s needs and consider how the replacement scheme can best support your workforce. Developing a strategic plan is key.
- Employee Wellbeing: Pay attention to the wellbeing of your employees. The transition can be challenging, so offering support and reassurance is vital.
For Employees:
- Skill Development: Embrace the opportunity for training and skill development. This can help you adapt to changing job roles and become more resilient in the workforce.
- Communication: Stay in touch with your employer to understand how the transition will affect your work arrangements. Clear communication is key to a smooth transition.
- Financial Planning: Be mindful of your finances during this period. Understanding the level of support you will receive and any changes to your income is essential for financial planning.
What does that do to UK productivity?
his proposal leads to a significant decrease in workers’ output, down to just 33% of what it used to be. It also reduces the overall cost to the economy by 78%, and the cost to employers by 56% compared to what it used to be. In simpler terms, businesses are keeping their staff on, but they are now paying them only 56% of their previous wages, and the work they do has decreased to 33% of what it used to be.
So is this a realistic option for small businesses that are facing a dramatic drop in revenues caused by the lockdown?
Blackrose Accountants are specialises in providing bookkeeping, accountancy, taxation, payroll services and business development and advisory services The areas we cover include
- Wembley
- Brent
- Willesden
- Harrow
- Kingsbury
- Kenton
- Pinner
For a free consultation contact us at
Blackrose Accountants – Wembley, Harrow, Kenton
- Croydon
- Thornton Heath
- South Norwood
- Crystal Palace
- Selhurst Park.
- Beckenham
- Streatham
For a free consultation contact us at
Blackrose Accountants – Croydon, South Norwood, Thornton Heath
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