Commons Sense

House of Commons · Written Ministerial Statement

Economy Update

17 December 2020 · Treasury

Proposed by Rishi Sunak Con Richmond and Northallerton

EconomyEmployment

Summarised by AI from the official record, so it can contain mistakes.

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At a glance

Key points

  • Rishi Sunak updates the House of Commons on extending financial support measures due to the pandemic.
  • The Coronavirus Job Retention Scheme will continue until April 2021, covering 80% of unworked hours.
  • The deadline for accessing business loan schemes (CBILS, CLBILS, and BBLS) is extended to March 31.

Issue summary

Rishi Sunak is updating the House of Commons on the extension and continuation of financial support measures in response to the ongoing pandemic.

Action requested

The Coronavirus Job Retention Scheme (CJRS) will be extended until April 2021, providing 80% salary for unworked hours. Additionally, the closing date for business loan schemes (CBILS, CLBILS, and BBLS) has been extended to the end of March.

Key facts

  • Over £280 billion spent on support so far.
  • The CJRS will be extended until April 2021.
  • Businesses must cover wages, NICs, and pensions for worked hours under the CJRS extension.
  • Over 1.5 million businesses have been supported with facilities worth more than £68 billion.
  • Closing date for CBILS, CLBILS, and BBLS extended from January to March.
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