Covid: Rishi Sunak to extend furlough scheme to end of March

The chancellor Rishi Sunak has announced that he is extending the Coronavirus Job Retention Scheme until the end of March, with a review of its terms in January. The scheme will pay 80% of an employee’s wage up to £2,500 a month, though the January review will look at whether employers should contribute more. The scheme had been extended until 2 December, coinciding with lockdown measures in England. Sunak said he was responding to changing circumstances to “protect jobs and livelihoods”. The Bank of England earlier pumped £150 billion into the economy as indicated economic recovery was slowing

“We’re also increasing the support for millions more workers through the Self-Employment Income Support Scheme.

The third grant covering November to January will now be calculated at 80% of average trading profits, up to a maximum of £7,500.

Finally, the upfront guaranteed funding for the devolved administrations is increasing from £14bn to £16bn.

This Treasury is, has been, and will always be, the Treasury for the whole of the United Kingdom.” Rishi Sunak

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