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Financial News: UK Extends Furlough Scheme Until End Of March

UK Extends Furlough Scheme Until End Of March 2021

11/05/2020 - 10:46:00 (RTTNews)

(RTTNews) - The UK Chancellor Rishi Sunak on Thursday announced a five-month extension of the furlough scheme and an increase in the self-employment grant. Sunak announced that the furlough scheme called the Coronavirus Job Retention Scheme (CJRS) will run until the end of March with employees receiving 80 percent of their current salary for hours not worked.

Initially, the furlough scheme was extended until December 2.

The Self-Employment Income Support Scheme was increased and the third grant covering November to January calculated at 80 percent of average trading profits, up to a maximum of GBP 7,500.

"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," Sunak said in a statement.

"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."

The chancellor also increased the upfront guarantee of funding for the devolved administrations from GBP 14 billion to GBP 16 billion. This will cover workers, business and individuals in Scotland, Wales and Northern Ireland.

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