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<p>The Coronavirus Job Retention Scheme was designed as a temporary, economy-wide
measure to support businesses while widespread restrictions were in place. Closing
the scheme at the end of September is designed to strike the right balance between supporting
the economy as it opens up, continuing to provide support and protect incomes, and
ensuring incentives are in place to get people back to work as demand returns. This
approach has worked; the Bank of England’s Monetary Policy Report (MPR) forecasts
that the unemployment rate will on average be around 4.7% across Q3 and Q4, a downwards
revision from the May MPR which projected unemployment to peak at 5.4% in Q3 and below
the OBR Spring forecast (6.5% in the final quarter of 2021).</p><p> </p><p>The Government
recognises the particular challenges the travel industry has faced as a result of
COVID-19. In England travel agents have recently benefited from Restart Grants worth
up to £6,000, and can continue to benefit from the £2 billion of discretionary grant
funding that has been made available to local authorities in England through the Additional
Restrictions Grant (ARG), while the aviation and aerospace sectors are being supported
with over £11 billion that has been made available through loan guarantees, support
for exporters, the Bank of England’s Covid Corporate Financing Facility (CCFF) and
grants for research and development. In addition, airports continue to benefit from
the renewed Airport and Ground Operations Support Scheme announced at Budget.</p><p>
</p><p>The Global Travel Taskforce (GTT) report sets out a clear framework for the
Government’s objective of establishing a safe and sustainable return to international
travel, which is key to enabling the sector’s recovery. It has been created following
extensive engagement with the international travel and tourism industries, and changes
following the recent checkpoint review of the GTT are a vital step in enabling the
recovery of travel operators and those whose jobs rely on the travel industry.</p><p>
</p><p>The Government has shown throughout the pandemic that it is prepared to adapt
support if the path of the virus changes. It continues to engage closely with sectors
across the economy, including the travel industry, to understand their recovery horizons
as the vaccine is rolled out and restrictions ease.</p>
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