Business leaders praised the Chancellor’s “bold steps”, saying hundreds of thousands of jobs will be saved.
Dame Carolyn Fairbairn, director general of the CBI, said it was right to target help on jobs with a future.
“These bold steps from the Treasury will save hundreds of thousands of viable jobs this winter.
“Wage support, tax deferrals and help for the self-employed will reduce the scarring effect of unnecessary job losses as the UK tackles the virus. Further business rates relief should remain on the table.
“The Chancellor has listened to evidence from business and unions, acting decisively. It is this spirit of agility and collaboration that will help make 2021 a year of growth and renewal.”
Stephen Phipson, chief executive of Make UK, congratulated the Chancellor for taking action he said will help avoid significant redundancies.
“The priority right now has to be saving as many jobs as possible and this is a bold and brave move which industry will welcome.
“In particular, the Chancellor should take great credit for reflecting on the experience of other countries and implementing similar measures here; this will help us be strongly competitive as we return to normal trading conditions.”
Paul Everitt, chief executive of aerospace trade group ADS, said: “This new package will provide much-needed support for employees across our industries who are facing serious challenges.
“The impact of the sharp and sustained fall in demand for aviation threatens the future of many businesses. The scheme announced today will help minimise the damage and help companies retain valuable skills and experience.”