Rishi Sunak has once again stood up and given a statesmanlike performance in delivering his much needed message to those who are self-employed. The overall message was clear, and that message was ‘we will look after you if you are self-employed’. In many ways the help soon available is on par with the help already provided for people who are ‘traditionally’ employed, covering 80% of income, profits for self-employed, with a ceiling of £2,500 per month.
The message was immediately welcomed by many in the hospitality industry including Emma McClarkin, Chief Executive of the British Beer & Pub Association, who said: “85% of pubs are small or medium sized businesses run by independent operators or licensees who are self-employed, so the Chancellor’s support package today is welcome.”
The details were outlined, and the press asked the questions you would expect, what was the wider rationale, what are the timings, how does help specifically for self-employed dovetail into the wider help and benefits already announced.
Rishi Sunak answered them all with self-assurance that seems all too natural to him. He also more than hinted at a new tax equilibrium policy post COVID-19. He indicated that there would be a future ‘price to pay’ for the self-employed, suggesting they currently benefit from paying less tax than the more ‘traditionally’ employed. This would be in line with Boris Johnson’s personal socially liberal political leanings.
The messenger for the government’s current financial and fiscal policy is a god send. He looks and sounds almost regal in his delivery, but he will be dependant upon many for the delivery of these policies in anything like as polished a fashion.
He will of course sit at the top of the table in discussions and planning meetings to deliver his policies, the Treasury, banks, and local authorities will then all be crucial links in delivering them.
As Rishi Sunak’s last position was Chief Secretary to the Treasury, he will doubtless be skilled in navigating his policies through Whitehall.
Sunak worked as an analyst for investment bank Goldman Sachs between 2001 and 2004. He then worked for hedge fund management firm The Children’s Investment Fund Management, becoming a partner in September 2006. He left in November 2009 to join former colleagues at what was then a new hedge fund firm Theleme Partners, launched in October 2010 with an initial $700 million. Sunak was also a director of investment firm Catamaran Ventures. The reason for the CV details is only to show that his corporate banking experience is substantial and will be also helpful in steering his policies forward.
As with any venture there will be obstacles to overcome, if he can deliver his policies as well as his message, we are in good hands.