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Firms hit by U-turn on job retention bonus

15-11-2020

Businesses have warned that Chancellor Rishi Sunak's decision to scrap a bonus scheme for firms that retain formerly furloughed workers has hit budgets, with the money having been factored into cashflow forecasts. Mr Sunak replaced the Job Retention Bonus – which pledged £1,000 for every worker kept on the payroll by the end of January - with an extension to the furlough scheme when England’s second national lockdown was announced. Craig Beaumont, external affairs chief at the Federation of Small Businesses, said: “Small businesses that have got lots of revenue issues were looking forward to a bit of guaranteed income in January.” He added: “That one little bit of light at the end of the tunnel has gone.”

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