COVID-19 Update – 6 May

More hints and teases from Rishi Sunak ahead of any detail, but he has announced preparations to phase out the scheme as the economy begins to unlock.

There is much speculation, but he has promised there will be no cliff-edge at the end of June. Options could be reducing the percentage (80%) or the cap (£2,500 + E’ers NI + Pension), and possible sector variances as different sector restrictions are lifted. The massive uptake of the Job Retention Scheme (currently estimated at 6.3 million) has caused concerns and there is much pressure from businesses for clarity beyond June amid fears of mass redundancies. For redundancies of 100 or more people, 45 days consultation period needs to be given and so we will have an indication by mid-May

So the only news is that it won’t stop at the end of June, but might change. Watch this space…