Data suggests many firms and workers still relying on support as less generous scheme begins
The government’s coronavirus job retention scheme closes on Saturday, ending the first phase of the UK’s economic response to the pandemic.
When the scheme was announced in March it was hailed as an unprecedented intervention by the government, which committed to paying 80% of the wages of any furloughed worker (up to a monthly limit of £2,500). As large parts of the economy were forced to shut down, economists said the policy had been the main factor in preventing a dramatic rise in unemployment.
Continue reading…Data suggests many firms and workers still relying on support as less generous scheme beginsCoronavirus – latest updatesSee all our coronavirus coverageThe government’s coronavirus job retention scheme closes on Saturday, ending the first phase of the UK’s economic response to the pandemic.When the scheme was announced in March it was hailed as an unprecedented intervention by the government, which committed to paying 80% of the wages of any furloughed worker (up to a monthly limit of £2,500). As large parts of the economy were forced to shut down, economists said the policy had been the main factor in preventing a dramatic rise in unemployment. Continue reading…