Mark Simpson breaks down the UK Chancellor's COVID-19 support for self-employed workers: 80% of average monthly profits paid as a lump sum in June, covering three months. Those earning over £50,000 are excluded.
How have you sort of taken on board from what the Chancellor said specifically when it comes to self employed businesses? How have you seen that? How have you broken that down? And again, what sort of feedback or feelings that you have on what has been said this week from the Chancellor and with the relief he's got for.
Self employment, he's in a fairly difficult position, isn't he, because he was never going to please everybody. And obviously you guys in hospitality industry have got the business rates stuff, so there's an awful lot of stuff that's already been put out there to try and help people out. It comes to more the self employed side of things, I guess, specifically at the lowest end of self employed people, predominantly sole traders, when he's talking about, you know, submit your account. So very briefly what he's basically said was what is your average net earnings, net profit over the last three years or over the last 12 months? If you've not been running that long, they'll take an average of that and then pay you 80% per month of whatever your net monthly salary profit was and you're not going to get that until sometime in June and it'll be three payments all wrapped up in one. So that's roughly what the offer is, which as Mark says is probably out of date now already by the time you listen to this, if it's Monday next week, probably out of date, you'll look up something else. But right now that's the offer for self employed people. They've specifically targeted and said if you earn more than 50,000 a year, you're not getting any help. So, and their argument I think has been, well, people earn over that. The average is 217,000 I think they've said, so you guys should have some savings, so go live off that. The only other option you've got if you're in that position is to go onto universal credit, which is what, like 90 odd quid a week or something? So it's not going to cover most people's expenses by a long shot. So they've taken the view, I think, of let's support the people that are at the lowest income brackets, which is the right thing to do on the basis of if you're earning a decent wedge of money, you should have been financially more intelligent over the last several years and you should have built off.
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