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Thursday, 26 March 2020

UK Coro-Relief: Shocker for Self Employed!

A coronavirus bail-out for the self-employed is being unveiled by the chancellor after pressure from MPs, but handouts could go to only one in three of the five million who work for themselves.
Rishi Sunak will announce an emergency package at Boris Johnson's daily Downing Street news conference, promising help for groups such as builders, taxi drivers, hairdressers and childminders.
But while he will promise to match the 80% of earnings he promised staff employees last Friday, the monthly cap is likely to be lower than the £2,500 in that coronavirus scheme because many self-employed pay less tax.
And it is likely only about 1.7 million, a third of the UK's self-employed, will qualify, with those who have separate earnings as company employees and those on Universal Credit - already promised help - excluded.

MPs have been warned that the aid package for the self-employed is highly complicated. And Treasury officials worked through the night in a race against time to complete preparations for its Downing Street launch.

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