Originally written by Timothy Adler on Small Business
Rishi Sunak is eyeing replacing furlough with subsidising wages of workers who work on a part-time basis.
The idea is one of several being considered by the chancellor and his Treasury, according to the Financial Times.
The attraction of subsidising wages is that it would support those who are in work but with not enough demand to keep them on five days a week.
>See also: Boris must ‘act now’ to save businesses from going under
The scheme would be aimed at businesses who can afford to employ staff for at least 50 per cent of their normal hours.
The Confederation of British Industry (CBI) and the Trades Union Congress (TUC) have both proposed similar schemes to replace furlough when it ends next month.
The CBI-style wage subsidy scheme would see small businesses paying employees in full for the days they work; the government would pay one third of the wages for those days the employee is off work, the employer would pay one third, and the employee would take a one-third pay cut on the days they are off work. That way, all three share the pain.
The other attraction is that it would be a lot cheaper than
Tag Archive for CBI
Hot Business News Today
Boris Johnson offers small firms nearly £500m worth of tax cuts
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Boris Johnson will gift small businesses £1,000 each and will cut business rates if the Conservatives win the general election.
Prime minister Boris Johnson will address the annual Confederation of British Industry (CBI) conference today as he tries to repair the Conservatives’ relationship with business, following his notorious “f**ck business” remark back in 2018.
Small business support is crucial to both Labour and the Conservatives. According to the Federation of Small Businesses (FSB), a typical constituency has 25,000 people working in a small business, around 7,000 of whom are self-employed.
The prime minister will pledge small firms a £1,000 tax break by lifting to £4,000 the employment allowance they can claim against national insurance contributions.
>See also: Business rates reform key, says Labour business chairman Rachel Reeves
“This will amount to almost half a billion-pound tax cut for small business,” said a Conservative Party statement.
Boris Johnson will also promise an immediate “fundamental review” of business rates – the property-based tax paid by companies that many businesses have complained about over the past two years – leading to a reduction of its “overall burden” on firms and employers.
Companies, notably retailers on struggling high streets have protested about rising business rates
Hot Business News Today
CBI urges incoming Prime Minister to forge new partnership with business
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
The CBI has urged the next Tory Prime Minister to get behind UK business, singling out the importance of small business as well as corporations.
In a coded message to Boris Johnson – who infamously retorted “f*** business” when asked about big business concerns over Brexit – CBI president John Allan told business leaders in London today that the next Prime Minister needs to “back business” and repair the UK’s reputation with overseas investors.
Allan said: “It’s an opportunity for a new Prime Minister to set an unashamedly pro-enterprise course. To really bring back that feel-good factor. Whether you’re a small high-street retailer or a high-end manufacturer hoping to sell in markets here, Europe and all over the world… that feel-good factor has been absent for too long.
“If the Conservative party wants to claim the mantle of the party of business now is the time to show it. At such a decisive point in our country’s history, if not now then when?”
The employers’ organisation set out a three-point plan as to this new partnership between business and the next Prime Minister:
Repair the UK’s reputation – Allan said that international investors are spooked and are starting