Economic Outlook and Furlough Scheme Changes

Lord Mann Excerpts

Thursday 18th June 2020 Lords Chamber

[Baroness Penn]

I absolutely agree with my noble friend about the importance of apprenticeships and other schemes that will help people who have unfortunately lost their jobs during this pandemic to re-enter the labour market and recover as our economy opens up.

[Lord Mann (Non-Afl) [V]]

Academic research from New Orleans after its flooding disaster shows that entrepreneurs were the key to regenerating a very damaged economy. What support are the Government giving now to incentivise entrepreneurs to take risks and employ people so that new ideas, new products and new services can re-boost our economy?

[Baroness Penn]

One important change that the Government committed to in their manifesto and have implemented is increasing the employment allowance in national insurance contributions. This means that new businesses can employ more people without paying those national insurance costs, and it incentivises them to take on their first one or two members of staff as they grow their businesses.