In light of the government’s announcement of a support package to the UK’s self-employed, please see below commentary from a leading personal finance expert, discussing its impact on individual’s personal finances.
John Ellmore, Director of KnowYourMoney.co.uk said “Yet another bold move by the Chancellor. Regardless of political leaning, the government’s determination to “do whatever it takes” to get the UK through COVID-19 is certainly admirable. Indeed, the complexity of calculating income for the self-employed will have been an incredibly drawn-out process. Whilst understandable, this support might have come too late for some.
“Many freelancers and self-employed people will already be seeing their finances stretched to breaking point. So, the government must fast track the implementation of this policy. Ensuring the clear communication of exactly who is eligible for this support, and how they can access it will be vital. Otherwise, many people’s finances might struggle to bounce back. “