By Furlough scheme extended to Spring 2021
Rishi Sunak is to extend the furlough scheme for an additional month and said the government will hold a budget on the 3rd of March to outline the next stage of its response to the coronavirus pandemic.
It will mean the government continues to pay 80% of wages for those workers “giving business and employees across the UK certainty into the new year”.
Chancellor Rishi Sunak also announced that the government-backed loan schemes designed to support stricken firms through the coronavirus crisis, would continue until the end of March 2021.
Mr Sunak stated:
“Our package of support for businesses and workers continues to be one of the most generous and effective in the world – helping our economy to recover and protecting livelihoods across the country”.
“We know the premium businesses place on certainty, so it is right that we enable them to plan ahead regardless of the path the virus takes, which is why we’re providing certainty and clarity by extending this support”.
The announcement comes after the Chancellor revealed that the UK’s next budget would take place on the 3rd of March, with latest economic forecasts from the Office for Budget Responsibility set to be published alongside it.
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