Chancellor Rishi Sunak has extended the UK’s furlough scheme until Spring of 2021 in the wake of England’s second lockdown.
This is in a bid to protect the millions of jobs that will be at risk across most industries due to coronavirus restrictions.
“The Coronavirus Job Retention Scheme (CJRS) will now run until the end of March with employees receiving 80% of their current salary for hours not worked,” the government revealed in a statement.
The Self-Employment Income Support Scheme (SEISS) will also be increased, with the third grant covering November to January calculated at 80% of average trading profits, up to a maximum of £7,500.
Sunak commented: “I’ve always said I would do whatever it takes to protect jobs and livelihoods across the UK – and that has meant adapting our support as the path of the virus has changed.
“It’s clear the economic effects are much longer lasting for businesses than the duration of any restrictions, which is why we have decided to go further with our support.
“Extending furlough and increasing our support for the self-employed will protect millions of jobs and give people and businesses the certainty they need over what will be a difficult winter.”
Support for the devolved governments of Wales, Scotland and Northern Ireland has also been increased from £14 billion to £16 billion.