In response to Chancellor Rishi Sunak’s recent announcement about aid for the self-employed Keith Richards, managing director of engagement for the Chartered Insurance Institute (CII) has said it will bring a “huge sigh of relief” to many across the country and their membership.
Richards said: “The new self-employed income support scheme, which should be up and running by June, will offer a taxable grant worth 80% of average profits over the past three years, something many had been calling for over the last few weeks.
“Coupled with the interventions made already for small businesses and employees, this offers an unprecedented level of support to insurance businesses, at a time when many will be feeling the sharp economic effects of this crisis.
”The scheme’s £50,000 cap on profits, and its other exclusions, will mean that not everyone will be supported, and we understand the need for the government to target help for individuals facing extreme financial pressure.”
Richards goes on to say how the situation will continue to be monitored by the CII and they will raise issues with the government and regulator where it is in the public interest to help firms.
Richards continued: “Insurance plays a key role in society as well as the economy and the CII, through our dedicated insurance societies, will continue to keep the needs of consumers and the profession clearly on the radar of policymakers at a time when they are also impacted by the current challenges facing every profession.
“We will do all we can to support those who are excluded, just as much as those who will be waiting for this new system to be up and running and for payments to begin, to ensure we continue to have such a vibrant, innovative marketplace.”