Grim economic news is something we have had to get used to in the past two months but yesterday was something of a body blow. Chancellor Rishi Sunak’s announcement that he was extending the jobs retention scheme until October is the most ominous of all the amendments and additions to the bailout for the economy … Read more
The Chancellor has extended the furlough scheme for four months and said Britain will continue to cover 80 per cent of workers’ wages during the coronavirus crisis. Rishi Sunak revealed today that 7.5million British workers now have the state picking up the bill for 80 per cent of their salary up to £2,500 a month, … Read more
What is happening to the furlough scheme? The multi-billion pound furlough scheme is being extended to October. Employees on the scheme will continue to receive 80 per cent of wages, up to a ceiling of £2,500 a month. Until the end of July, there will be no changes to the scheme whatsoever. From August to … Read more
Chancellor Rishi Sunak acted fast to rescue the economy, now he has to work out how Britain pays the bill How do we pay the bill for the coronavirus crisis? Britain is a long way from business as usual, but ONS figures showing an astonishing 6.3million workers being paid by the taxpayer were enough to … Read more
Double blow for borrowers as furlough scheme and mortgage holidays come to an end By Daily Mail City & Finance Reporter Published: 21:51 BST, 6 May 2020 | Updated: 21:51 BST, 6 May 2020 Thousands of homeowners who have taken a mortgage repayment ‘holiday’ because their finances were squeezed by the coronavirus could receive a … Read more
Rishi Sunak will set out next week how he intends to ‘wind down’ the government’s coronavirus furlough scheme amid fears within Whitehall that the nation is becoming ‘addicted’ to state help. The Chancellor is widely expected to start to reduce the scale of the scheme from July after it emerged it has a current monthly … Read more
Rishi Sunak could reduce government furlough wage support from 80 per cent to 60 per cent in the months ahead as part of a plan to ease Britain back to work, it was claimed today. The Chancellor is trying to figure out a way to ‘wind down’ the employee support scheme which currently sees the … Read more
Richard Yeomans, a partner at London law firm Addleshaw Goddard, discusses what the future might hold for furloughed workers and businesses, as the economy attempts to pick things back up from the coronavirus outbreak. The Government’s Coronavirus Job Retention Scheme was an emergency response to an immediate problem. Something had to be done, fast, to … Read more
RUTH SUNDERLAND: Furlough scheme needs to be extended and made more flexible, but it is not a long-term answer By Ruth Sunderland for the Daily Mail Published: 21:52 BST, 3 May 2020 | Updated: 21:52 BST, 3 May 2020 The clamour is growing for the Government to extend and improve its furlough scheme, which is … Read more
The chancellor Rishi Sunak is under pressure to launch a second wave of furlough payments as the government’s scheme is set to run out in June. Industry and manufacturing think-tanks have warned that without further payments up to 35 per cent of jobs could be lost in parts of the UK, as businesses struggle to … Read more