BABC Member Moore Kingston Smith Shares Insights on Chancellor’s Winter Economy Plan

Amid continuing uncertainty as a result of Coronavirus, the Chancellor of the Exchequer yesterday cancelled his proposed autumn Budget, and today announced a number of further support measures. The Coronavirus Job Retention Scheme has long been due to end on 31 October, and with restrictions starting to increase once again, pressure has been mounting on the Chancellor to announce some sort of extension. The Chancellor made it clear once again that the furlough scheme cannot continue, but he did announce a new measure – the Job Support Scheme – which is designed to provide some support for jobs which remain viable but which are likely to be less in demand over the coming months. The Chancellor also announced further support for the self-employed, an extension to the VAT reduction announced in the summer, and further measures to help businesses’ cash flow. Although today’s measures are not in the same league as some of those introduced earlier in the year, they will be a welcome lifeline to many. Others will simply be relieved that the prospect of tax rises has been deferred until at least the new year.