Rishi Sunak Econimic Winter Update 

Autumn Budget 

  • No Autumn Budget this year 

Job Support Scheme 

  • Government will support businesses who are keen to repay staff but forced to have them  working reduced hours 
  • Employees must work 1/3 of usual hours, government (1/3) and employer (1/3) will top up  the rest 
  • All small and medium size businesses qualify 
  • Large businesses qualify if they can prove turnover has dropped 
  • Can be claimed even if businesses didn’t previously claim furlough 
  • Starts from November and will last 6 months 

SIESS Grant 

  • Will be extended in line with Job Support Scheme 
  • Will cover 20% of average monthly profits via government grant 
  • Extended until 30 April 2021 

Bounceback Loans 

  • Government to introduce “pay as you grow” scheme 
  • This means loans to be extended to 10 years, make interest only repayments or suspend  repayments for up to 6 months without credit rating being affected 
  • Application deadline extended to 30/11/20 

Coronavirus Business Interruption Loan 

  • These can also be extended up to 10 years


  • New loan scheme to be announced in January 

Tax Deferral 

  • VAT payments deferred until 31 March 2021 can now be paid across 11 months with no  interest charged 
  • Self assessment tax bills be paid across 12 months from January 2021 

VAT on Hospitality 

  • 5% VAT will be extended to 31 March 2021