Rishi Sunak Extends Furlough Scheme to End of March.
Chancellor Rishi Sunak has confirmed that the furlough scheme will be extended across the UK until the end of March. Mr Sunak announced the scheme will pay up to 80% of a person’s wage up to £2,500 a month. He told the Commons during his speech that the government will review the policy again in January- the chancellor said his intention was “to give businesses security through the winter. The security we are providing will protect millions of jobs,” he added.
The furlough scheme subsidises the wages of people who cannot do their jobs, either because their workplace is closed or because there is no longer enough work for them. The chancellor’s U-turn – estimated to cost over £6bn per month – came as England entered a second national lockdown amid a resurgence of the virus.
It follows months of the Treasury resisting pressure to prolong the scheme to prevent mass unemployment in the winter. An income support grant for self-employed people, covering the period November to January, will also increase from the planned 55 per cent to 80 per cent of average profits up to £7,500.
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