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25 November 2020 – UK Spending review

A reminder that on 25 November the Chancellor, Rishi Sunak, will deliver the 2020 Spending Review. This will be done alongside the Office for Budget Responsibility (OBR) forecast, which will set out the UK’s spending plans for the next year.

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The Future Fund

The Future Fund provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
These convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.
The scheme is open for applications until 31 January 2021.

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Government extends Furlough to March and increases self-employed support scheme

As the lockdown has now started for England and continues elsewhere, the Government has changed its mind again about business supports and decided to extend the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS) across all regions of the UK.
The Chancellor has announced that CJRS will be extended until the end of March 2021 for all parts of the UK. For claim periods running to 31 January 2021, the UK Government will pay 80% of employees’ usual wages for hours not worked, up to a cap of £2,500 per month. The UK Government will review the policy in January to decide whether economic circumstances are improving enough to ask employers to contribute more.
It was also confirmed that the Job Retention Bonus will no longer be paid in February 2021, as CJRS will be available at that time. An alternative retention incentive will be put in place at the appropriate time.

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UK Freeports

The government is planning to re-establish freeports in the UK as part of its plans to boost the country’s economy following Brexit. However, these Special Economic Zones have gained importance as part of the business recovery from the coronavirus (COVID-19) pandemic. They will have different customs rules to the rest of the country and the government wants them to become innovation hubs, attracting inward investment.
The aim is for these zones to create employment opportunities and boost regeneration in economically depressed areas, helping to meet the government’s goal of levelling up the UK economy. Here, we take a look at freeports and how they may be of benefit to the UK.

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SELF EMPLOYED INCOME SUPPORT SCHEME (SEIS) EXTENDED

The Chancellor, Rishi Sunak has today announced that support through the Self-Employment Income Support Scheme (SEISS) will be increased. The third grant covering November to January will be calculated at 80% of average trading profits, up to a maximum of £7,500.

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The Job Retention and Job Support Schemes

In a package of support measures being introduced as a consequence of a second national lockdown for England, the Coronavirus Job Retention Scheme (CJRS) is being extended. The scheme will now remain until the planned lifting of the lockdown on 2 December.

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Latest updates to CJRS, SEISS

In tandem with the announced national lock-down in England – from 5th November to 2 December 2020 – the furlough scheme and support for the self-employed are to be extended to cover this period. This much needed support will be welcomed by all business owners affected by the new lock-down measures.

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Exporting goods to the EU after 1 January 2021

Now that the UK seems destined to withdraw from the EU with no trade agreement, exporting goods to the EU from 1 January 2021 will necessitate a few changes on the part of UK companies. This article sets out the minimum changes you will need to consider.

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Importing goods from the EU after 1 January 2021

Now that the UK seems destined to withdraw from the EU with no trade agreement, importing goods from the EU from 1 January 2021 will necessitate a few changes on the part of UK companies. This article sets out the minimum changes you will need to consider.

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