- Job Retention Scheme helps businesses retain 9.6 million jobs across the UK, including 866,400 in the West Midlands.
- 2,200 self-employed people in Wolverhampton South West received support through second round of grants.
- More than £160 billion of Government support has been provided to help individuals and businesses in all parts of the UK.
Stuart Anderson MP has welcomed new statistics which demonstrate the significant Government support offered to local workers and businesses during the outbreak of Covid-19. Stuart praised the success of the Job Retention and Self-Employment Income Support schemes in the House of Commons, where he mentioned the great work that is being done by businesses like Malik Butchers of Whitmore Reans, Jim Gough’s of Tettenhall, and Grill-It in Newbridge.
In Wolverhampton South West, 2,200 self-employed people have accessed £5,100,000 worth of Government grants in the second round of the Self-Employment Income Support Scheme. The grants help to cover lost earnings and do not need to be paid back. This is in addition to the support given to self-employed workers through the first grant – worth £7,300,000 in Wolverhampton South West.
Overall, self-employed people have had six months of income support during the outbreak of Coronavirus. It is one of the most generous schemes in the world. A first grant, covering up to 80 per cent of average monthly profits was made available for March to May. There has been a second grant covering up to 70 per cent of average monthly profits, available for June to August.
Figures also show that the Coronavirus Job Retention Scheme has helped businesses to retain 9.6 million jobs across the UK, including 866,400 in the West Midlands.
At the scheme’s peak in May, 30 per cent of the workforce was furloughed. The share of workforce furloughed fell by more than half to 11 per cent by mid-August. This shows that the furlough scheme has done what it was designed to do – help businesses retain jobs and help people keep their jobs. Nearly a million workers returned to their jobs part-time in July, the first month that flexible furlough was introduced – including 85,600 in the West Midlands.
Throughout the outbreak of Coronavirus, the Government has provided an unprecedented package of economic support to protect both lives and livelihoods – worth more than £160 billion. To encourage employers to keep their employees on, the Government is introducing the Jobs Retention Bonus Scheme, a one-off payment of £1,000 to the business for every employee who was furloughed previously and who is successfully kept on continuously until January.
Businesses in England required to close due to local lockdowns or targeted restrictions related to Coronavirus will be able to receive grants worth up to £1,500 every three weeks, with smaller businesses eligible for £1,000. Payments are triggered by a national decision to close businesses in a high incidence area. This adds to the government’s recent commitment to roll out additional payments for people on low incomes who are required to self-isolate in areas with high levels of Coronavirus, as well as the existing schemes to support businesses and individuals – such as grants, loan schemes, tax cuts, and income support schemes.
Commenting, Stuart Anderson MP said: “I know that this year has been hugely challenging for businesses, workers, and self-employed people in Wolverhampton South West. These latest figures demonstrate the scale of support that the Government has put in place to support their livelihoods. Never has our agenda to level up the whole county been so important – giving our families and entrepreneurs the confidence they need as they look ahead to the future.”
Further information can be found online at www.gov.uk