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UK ploughs extra $10 billion into support for self-employed

·1-min read
Outbreak of the coronavirus disease (COVID-19) in London
Outbreak of the coronavirus disease (COVID-19) in London

LONDON (Reuters) - British finance minister Rishi Sunak's decision to extend an income support for self-employed people during the COVID-19 pandemic will cost an extra 7.3 billion pounds, the finance ministry said on Thursday.

Sunak told parliament that the government will now pay the equivalent of 80% of trading profits for self-employed people facing reduced work from November through January. Previously this support covered only November.

"This is 7.3 billion pounds of support to the self-employed through November to January alone, with a further grant to follow covering February to April," the finance ministry said in a statement.

(Reporting by William James and Kate Holton, writing by Andy Bruce; editing by Stephen Addison)