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Chancellor extends furlough scheme until October

The Chancellor Rishi Sunak has announced the the government’s job retention scheme will be extended to October.

All furloughed workers will continue to be entitled to 80% of their current salaries, up to £2,500 per month.

The scheme, created to combat the negative effects of lockdown, was due to expire in June.

New Flexibility From August

From August there will be new flexibility with the scheme.

All employees will be able to return to work on a part time basis.

In return, employers will be asked to pay a percentage towards the salaries of their furloughed staff.

The substitute payments from employers will continue to guarantee workers that 80% of their usual salaries will be paid.

The £2,500 per month ceiling on the payments will be retained.

Sunak said: “Our Coronavirus Job Retention Scheme has protected millions of jobs and businesses across the UK during the outbreak.”

“And I’ve been clear that I want to avoid a cliff edge and get people back to work in a measured way.” 

Millions of Workers Protected

New statistics that have been published have highlighted the successes of the Job Retention Scheme so far.

The government’s data found that the scheme has protected 7.5 million workers.

And has saved almost 1 million businesses from near certain collapse.

Loans Have Supported Business

Further government figures have been released, showing how businesses have benefited from their support.

Overall £14 billion in loans and guarantees have been provided, to support their cashflow during the coronavirus crises.

This includes  268,000 Bounce Back Loans worth £8.3 billion.

Plus 36,000 loans worth over £6 billion through the Coronavirus Business Interruption Loan Scheme.

And finally £359 million through the Coronavirus Large Business Interruption Loan Scheme.

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