RISHI Sunak to extend furlough scheme beyond December, as he continues to win publics trust and hearts.
BANK of England chiefs are expected to pump around £150 billion of extra money into the economy as England’s second lockdown starts today.
And Rishi Sunak will make it a double celebration by promising to keep the Government’s latest Covid bailout schemes in place even after the lockdown ends on December 2.
The Chancellor is expected to announce the 80 per cent furlough scheme will continue to be on offer in any area of the UK that faces the highest level of Covid restrictions – including Tier 3 areas of England, in his continued efforts to help to the working class.
Sources report that the Bank of England is planning a much bigger programme of quantitative easing than the £100 billion cash injection that it was expected to announce when it gives its latest policy update.
Reports suggest it is likely to be around £150 billion – but could be as high as £200 billion.
It would take its mammoth quantitative easing (QE) bond-buying programme for the Covid crisis to nearly £1 trillion.
The massive new money printing announcement is expected to come alongside even gloomier economic forecasts, with the Bank set to slash its prediction amid fears the new lockdown will push the UK economy into a double-dip recession.
The Bank is expected to keep interest rates at 0.1 per cent – holding off from taking the unprecedented move of negative interest rates for now.
Mr Sunak will lay out how the furlough scheme, which was extended until December 2 to pay 80 per cent of wages, will continue to be on offer for future lockdowns in Scotland, Wales and Northern Ireland regardless of the measures in England.
Boris Johnson has said the 28-day lockdown will be replaced with the regional approach of Tiers next month, which is likely to see areas such as Greater Manchester stay in the highest Tier 3 restrictions.
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