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Pension rule changes to pay for coronavirus could lead to ‘real danger’ | Personal Finance | Finance

The Chancellor also confirmed an increase to the third Self-Employment Income Support Scheme grant – with this now being calculated at 80 percent of three months average monthly trading profits, capped at £7,500 in total.

This year has seen the government announce unprecedented public spending in response to the crisis, something which has left many wondering how these costs will be paid for.

The Government has already spent nearly £190billion on emergency coronavirus measures, figures released by HM Treasury show.

According to the Office for Budget Responsibility (OBR) back in July this year, public spending net borrowing in the current financial year (April 2020 to April 2021) could be anywhere from £263billion to £391billion.

READ MORE: Pension gap sees women face being £70,000 worse off – ‘7 years’ worth of full state pension’

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