There´s more Cheese at Station C !

We ha
ve talked alot lately about adaptability to change and just as with the lessons learned (link to article coming soon,) from Sniff, Scurry, Hem and Haw in Dr. Johnson´s timeless universal parable, ´Who moved my Cheese,´ we find ourselves once again faced with massive economic change.


Thankfully, this time the change is positive and welcome.


New Cheese has been bestowed from the masters of the maze! The Winter Economy Plan has been released today!




The question is, can you Sniff it out, Scurry to make the most of it or at least Hem it over in time to get a nibble?

If you are thinking `Haw, what a crock of Cheese!´you´ll already have left

… Sniff, Scurry, Hem… there is great Cheese for the finding below…



The Winter Economy Plan



Since the emergence of the COVID-19 pandemic, the government has taken swift action to to mitigate the worst economic impacts.

Businesses have received billions in loans, tax deferrals, Business Rate reliefs, and general and sector-specific grants.

The government now introduces further targeted measures in response to the ongoing situation with the aim to protect UK jobs and businesses in the face of this uncertain economy.

Winter Economy PlanSupport measures include;

  • A new Job Support Scheme and an extension to the Self-Employed Income Support Scheme (SEISS)
  • A continuation of the reduction in VAT
  • An extension to the application period for the government-backed loans schemes, Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS) and Future Fund
  • Changes to the terms of repayment for Bounce Back Loans (BBLS) and Coronavirus Business Interruption Loans (CBILS)
  • A new payment schemes for VAT and Self-Assessment tax liabilities.

New Job Support Scheme 

To support viable UK employers who face lower demand due to COVID-19, and to keep their employees attached to the workforce, the government will be introducing a new Job Support Scheme.

From 1 November 2020, employees will need to work a minimum of 33% of their usual hours. For every hour not worked, the employer and the government will each pay one third of the employee’s usual pay, and the government contribution will be capped at £697.92 per month.

Winter Economy Plan Job Support SchemeEmployees using the scheme will receive at least 77% of their pay, where the government contribution has not been capped.

The employer will be reimbursed in arrears for the government contribution.

The employee must not be on a redundancy notice.

The scheme will run for six months from 1 November 2020 and is open to all employers with a UK bank account and a UK PAYE scheme.

All Small and Medium-Sized Enterprises (SMEs) will be eligible; large businesses will be required to demonstrate that their business has been adversely affected by COVID-19.

Continuation of the reduction in VAT

To continue supporting the cashflow and viability of over 150,000 UK hospitality and tourism businesses and to protect 2.4 million jobs, the government is extending the temporary reduced rate of VAT (5%) from 12 January to 31 March 2021. 


Extension to the application period for the government-backed loans schemes, BBLS, CBILS, CLBILS and Future Fund

The government is extending applications to the four temporary loan schemes, Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS) and Future Fund, to 30 November 2020 for new applications.  


Changes to the terms of repayment for Bounce Back Loans (BBLS) and Coronavirus Business Interruption Loans (CBILS)

Under the new Pay as you Grow options, Bounce Back Loan borrowers will all be offered the choice of more time and greater flexibility for their repayments. 
The Pay as you Grow scheme offers borrowers the option to repay their loan over a period of up to ten years. This will reduce their average monthly repayments on the loan by almost half. UK businesses will also have the option to move temporarily to interest-only payments for periods of up to six months (an option which they can use up to three times), or to pause their repayments entirely for up to six months (an option they can use once and only after having made six payments).  
The also government intends to allow CBILS lenders to extend the term of a loan up to ten years. 


New payment schemes for VAT and Self-Assessment tax liabilities.

The government will give businesses which deferred VAT due in March to June 2020 the option to spread their payments over the financial year 2021-2022. Rather than paying in full at the end of March 2021, businesses will be able to choose to make 11 equal instalments over 2021-22. All businesses which took advantage of the VAT deferral can use the New Payment Scheme. Businesses will need to opt in, but all are eligible. HMRC will put in place an opt-in process in early 2021. 


This sounds great but how can it help me?…

Jumping back into the maze of ´Who moved my Cheese,´we can ponder what these new support measures could mean for our businesses;


  • How can we be like Sniff to scope out approaching change/opportunities? … For starters, you have read this post so Well Done, Sniff, you!
  • How can we be like Scurry to jump into action when necessary? … These support measures offer a welcome boost to our cashflow, the sooner we plan and schedule actions to benefit the greater that benefit will be.
  • How can we be like Hem to be have the humility to change our tact? … Already resigned yourself to what 2020 would yield? These measures could allow further investment to transform 2021 and beyond.
  • Have you got any Haw´s holding you back? … (Why are they still there?!)


Previously we ended our assessment of this fable with; Change is everywhere. Cheese has a life expectancy and will always run out.


  • How can we protect ourselves with multiple cheese?
  • Can we move our own cheese?


But in this case it seems a new stash of Cheese has been bestowed upon us… now just to find it, claim it and make the most of this opportunity!

This sounds great but how can you help me?…

If you´re unsure of how these new measures could help your business or simply don´t have the team power to do anything about it, we can help.


Our clients get results through the tried and tested ActionCOACH system. Along with accountability for actions, our expert resources ensure you make the most of every business opportunity.


Our service covers areas like:


  • Strategic Finance – from understanding your financial documents to leveraging the information they yield.
  • Planning – formalising ideas and goals into Specific, Measured, Actionable, Realistic, Time bound plans to ensure growth
  • Accountability – a shoulder to lean on, an ear to listen. A great advisor and someone to hold you accountable.


Get in touch to talk more about the Winter Economy Plan and what it could mean for your business




In the meantime, read more about how coaching can yield solutions to your current business challenges.