Furlough scheme extended to end of March

The government has announced that the Coronavirus Job Retention Scheme is being extended to the end of March 2021.

Chancellor, Rishi Sunak, confirmed that the furlough scheme would continue to guarantee 80% of employee wages up to £2,500 a month for people unable to work during the coronavirus crisis.

Sunak told the House of Commons that the government will review the policy in January, to decide “whether economic circumstances are improving enough to ask employers to contribute more”.

The scheme, first announced at the beginning of the first UK national lockdown, was due to end on 31 October but has now been extended to cover the new four-week lockdown in England.

The Chancellor said he has had to make “rapid adjustments” to the government’s economic plans as the spread of COVID-19 has accelerated.

He also revealed that support for self-employed workers will double to 80% of average earnings in the previous year, up to a maximum of £7,500.

The government faced criticism over the weekend in Scotland and Wales, where it was argued that it would be unfair for the full support package to be available only when England is in lockdown. Sunak told the House he wants to “reassure” the people of Scotland, Wales and Northern Ireland that the furlough scheme was developed “by the government of the United kingdom on behalf of all the people in the United Kingdom”.

Around £40bn has been spent so far on the furlough scheme since it was introduced in March.

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.


Inside the world of high net worth lending
The mortgage market continues to evolve, and so too does the answer to the question: what is a high net worth individual in today’s market? In this episode of the Mortgage Insider podcast, host Phil Spencer is joined by Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank, and Islay Robinson, founder and CEO of Enness Global. Together, they explore what brokers really need to know when supporting high net worth individuals.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.