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Chancellor considers extending support

21-01-2021

Rishi Sunak is reportedly considering a further extension of the furlough scheme in a bid to support the jobs market amid the blow dealt by the pandemic. The CBI has called for the initiative to be extended until the end of June and followed up with targeted support, while the TUC has said it should be available through 2021. Sources say the Chancellor is also mulling other support tools, including the revival of the £1000 job retention bonus. The Telegraph says Mr Sunak is also facing calls to extend reliefs on business rates and VAT that are due to come to an end at the end of March. Ministers are also being urged to deliver support for entrepreneurs unable to access financial support, with Glenn Collins, head of policy at the ACCA, warning: “Many of them may go bankrupt, many of them may also have to lay off employees”, with Richard Wild of the Chartered Institute of Taxation echoing the warning and saying entrepreneurs are “definitely in need of support.”

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