Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

Chancellor announces £22 billion package of aid for businesses affected by new covid restrictions. Rishi Sunak promised grants of up to £2,100 a month for ‘Tier 2’ companies that are not forced to close but are struggling to be commercially viable. As many as 150,000 businesses could qualify for the payments, which could cost the Treasury £1.2billion. The new Job Support Scheme replaces the furlough and will be extended to firms that are legally allowed to open. It will be more generous allowing employers to pay just 5 per cent of staff wages, while the minimum threshold for hours worked will be reduced to one day. If an estimated two million people enrol, it could cost the Treasury £6billion. Mr Sunak also increased grants for self-employed workers to 40 per cent of the average profits, up to a maximum of £3,750 a month, which could cost about £3billion. Government borrowing was revealed to be running at £1billion a day during the pandemic. More articles and money news available at Money Tips Podcast - www.m