Chancellor Rishi Sunak has confirmed that he will extend the furlough scheme across the UK until the end of March. Mr Sunak said the scheme will pay up to 80% of a person's wage up to £2,500 a month. He told the Commons that the Government will review the policy in January. The Chancellor said his intention was "to give businesses security through the winter". As part of the revised scheme, anyone made redundant after 23 September can be rehired and put back on furlough. Mr Sunak also announced billions of pounds of other support for the economy, including more money for self-employed people.
Support through the Self-Employment Income Support Scheme (SEISS) will be increased, with the third grant covering November to January calculated at 80% of average trading profits, up to a maximum of £7,500. Paul Johnson, the head of the Institute for Fiscal Studies, has said Rishi Sunak’s move to extend the f urlough scheme until March was “wasteful and badly targeted”. Mr Johnson added that to continue with the initial furlough scheme, “which was dreamt up at speed, with no serious attempt to address its flaws is quite surprising.”
Read more: City AM
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