9/24, 1:18 PM (Source: TeleTrader)
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Sunak unveils UK's Winter Economy Plan

United Kingdom's Chancellor of the Exchequer Rishi Sunak revealed on Thursday the government's Winter Economy Plan to back the country's economy amid the coronavirus crisis. In his speech before the House of Commons, Sunak said that coronavirus containment measures will be in force for "at least" the next six months, adding there are "reasons to be cautiously optimistic" about the new restrictions.

He also presented the new Jobs Support Scheme that would allow businesses to keep employees in a job on short hours rather than furloughing them. It will start in November and run for six months. According to the new plan, workers are set to work a third of their normal hours, while the government will step in and pay two thirds of their wages.

Loans to small businesses will be extended from six years to 10 years that will "nearly halve the average monthly repayment," according to Sunak. The rate of value added tax (VAT) cut from 20% to 5% for severely affected hospitality and tourism sectors will remain in place until March 2021 instead of going back to 20% in January as previously planned, he added.

Breaking the News / GA