Coronavirus

Chancellor set to unveil financial aid for self-employed

The chancellor is set to unveil a series of measures to help the self-employed cope with the impact of the coronavirus later today (26 March).

Chancellor Rishi Sunak is set to unveil the measures a week after he set out plans for 80% wage subsidies for staff kept on by employers, with PM Boris Johnson saying yesterday that suitable relief for freelancers is on its way.

The reason for the delay between the relief for the self-employed is that it is an “incredibly complicated” task compared to the more straightforward measures set out for the employed, according to the chancellor who made the comment earlier this week.

Speaking at his daily press conference yesterday evening , Johnson said the government is doing “whatever we can to support the self-employed, just as we are putting our arms around every single employed person in this country”.

He added the government was looking to offer a “parity of support” so the self-employed could have similar levels of protection to waged workers.

“We are bringing forward a package to ensure that everybody gets the support that they need”, he added.

The news comes as UK banks have come under fire over government-backed emergency loans which require business owners to sign for a personal guarantee, as the UK battles with the Covid-19 pandemic. 

 According to BBC, the loan leaves business owners a risk as banks can come after the personal property of the business owner if they cannot afford to pay the debts. This reportedly won’t include main homes, but banks could claim other assets including personal savings, shares or holiday homes.

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