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How the Job Support Scheme changes will impact you
Derin Clark

Derin Clark

Online Reporter
Published: 23/10/2020

Chancellor Rishi Sunak revealed changes to the Job Support Scheme (JSS) yesterday, which will see thousands of workers impacted by the Coronavirus pandemic get more financial support from the Government.

Under the changed JSS, the employee must work a minimum of 20% of their normal hours. Their employer must pay 5% of wages and the Government will pay 61.67% of the wage, resulting in the worker seeing their pay fall by 33%. To apply for this scheme, the business must be affected by restrictions introduced to reduce the spread of the Coronavirus pandemic.

Employees of businesses that have been forced to close as part of Tier 3 restrictions will have 67% of their wages paid by the Government, which means they will see their overall wage fall by 33%.
For those who are self-employed, the Government is offering a grant of up to £3,750, covering the period of November to January. The Government has also said its plans to launch a second grant to cover the period February to April, but has not yet said how much will be made available in this second grant.

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Moneyfacts Weekly Product News – 22.10.20

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

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How will negative interest impact your finances?

As the UK economy continues to feel the impact of the Coronavirus pandemic, the possibility of the Bank of England setting negative interest rates has taken a step closer to becoming reality. In fact, just last week the Bank of England wrote to banks asking them how ready they would be if negative interest rates were introduced.

While all the signs look like they are pointing to this historic step being taken, it is still not a certainty. One reason for this is because there is no consensus that negative interest helps boost an economy.

Although no one can be sure if the Bank of England will decide to set negative interest rates, consumers should start considering what impact it will have on their personal finances if base rate is cut. To help consumer prepare in the event that negative interest rates are introduced, below we’ve looked at how it will impact savings, mortgage repayments, and credit card and loan borrowing.

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Moneyfacts Weekly Product News – 15.10.20

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

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Common pet ailments can cost owners thousands to treat

Pet owners without pet insurance could find they have to pay thousands of pounds for common ailments, research from Scratch & Patch has found.

In a survey to find out the most expensive treatment for pets, Scratch & Pet found that acute gastroenteritis had the highest costs of £8,000 to treat. According to Scratch & Pet, acute gastroenteritis is a common pet ailment that can be caused by bacteria, viruses, parasites, medication or even new food. The second most expensive condition was road traffic incidents, which can cost £7,825, while the third most expensive was mast cell tumours, which cost £7,537 to treat. Something as simple as a limping can cost pet owners £7,434.

With common pet ailments costing thousands of pounds to treat, investing in a good pet insurance policy can help protect pet owners from having to pay eye-wateringly high vet bills. As Ian Rauland, managing director at Scratch & Patch, explained: “The industry has a responsibility to educate consumers on the cost of treatment so people can make informed decisions.

“Our survey showed a lack of knowledge on what treatment might cost. The average cost of treating Brachycephalic Obstructive Airway Syndrome (BOAS), a condition very common in flat-nosed dogs, for example is £1,686, almost twice what our pet-owner respondents thought it would be (£889). And as our research shows, our highest claim costs for this condition are more than £7,000.

“The hard truth is there is no free healthcare system for animals, and no one wants to have to consider the life and death of their loved pet because of money.”

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Financial help if you are made redundant

13th October 2020

The rate of unemployment has reached its highest level in three years, figures released by the Office for National Statistics (ONS) today have revealed

The rate of unemployment has reached its highest level in three years, figures released by the Office for National Statistics (ONS) today have revealed

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Moneyfacts Weekly Product News – 08.10.2020

8th October 2020

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. Find out who is offering the best deals this week.

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. Find out who is offering the

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Six steps to organise your finances during financial planning week 2020

5th October 2020

Today marks the start of the Chartered Institute for Securities and Investment’s (CISI’s) Financial Planning Week. We highlight six steps to organising your finances.

Today marks the start of the Chartered Institute for Securities and Investment’s (CISI’s) Financial Planning Week. We highlight six steps to organising your fin

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Take part in the Moneyfacts Consumer Survey 2020 for a chance to win £1,000

5th October 2020

Millions of financial services customers across the UK will have the opportunity to declare how they feel about the services and products they have experience with, as the Moneyfacts Consumer Survey opens today and runs until 20 November 2020. Read more to find out how to vote.

Millions of financial services customers across the UK will have the opportunity to declare how they feel about the services and products they have experience w

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The options available if you are looking to consolidate debt

28th August 2020

The economic uncertainty caused by the Coronavirus pandemic, along with the UK falling into recession for the first time in 11 years, has resulted in many consumers taking time to re-evaluate their finances with the aim of reducing their monthly outgoings

The economic uncertainty caused by the Coronavirus pandemic, along with the UK falling into recession for the first time in 11 years

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Adults spend more on mum than on dad

19th June 2017

After this weekend’s Father’s Day celebrations, you may be feeling pretty good about the attention you’ve just given your dad, but when you crunch the numbers, it turns out that dads get £367 less in gifts over the course of a year than mums.

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All I want for Christmas is… a financial MOT?

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While Christmas is generally a time to spend money, one in six Brits are set to spend their Christmas week figuring out ways to save money. By doing a ‘financial MOT’, they are aiming to save an impressive £900 in 2018.

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And the winners are…….

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The winners of the Consumer Moneyfacts Awards were announced last night at the HAC in London.

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