[UK] Chancellor extends furlough scheme to end of March

UK Chancellor Rishi Sunak today confirmed that he will extend the government’s furlough scheme across the UK until the end of March, BBC News reports.

Mr Sunak said the scheme will continue to pay up to 80 per cent of a person's wage to a maximum of £2,500 a month. Addressing the Commons, the chancellor said that the government will review the policy in January.

Mr Sunak said he intended "to give businesses security through the winter", adding, "The security we are providing will protect millions of jobs." He said the scheme would apply throughout the UK, reassuring that the country had "a Treasury for the whole of the United Kingdom". 

Notably, under the revised scheme, anyone made redundant after September 23 can be rehired and put back on furlough.

The chancellor additionally announced billions of pounds of other support for the economy, which includes more money to support the self-employed.

The Self-Employment Income Support Scheme (SEISS) is to be increased, with the third grant (covering November to January) calculated at 80 per cent of average trading profits, to a maximum of £7,500.

Mr Sunak also raised guaranteed funding for the UK's devolved administrations by £2bn to £16bn.

Shadow chancellor Anneliese Dodds reportedly accused the chancellor of ignoring objections to the government's measures "until the last possible moment", pointing out that he had previously "ridiculed" a furlough extension for being "a blunt instrument".

However, the chancellor defended his sudden change of policy, saying: "It is not a weakness to be fast-moving in a crisis, but rather a strength."

UK Chancellor Rishi Sunak today confirmed that he will extend the government’s furlough scheme across the UK until the end of March, BBC News reports.

Mr Sunak said the scheme will continue to pay up to 80 per cent of a person's wage to a maximum of £2,500 a month. Addressing the Commons, the chancellor said that the government will review the policy in January.

Mr Sunak said he intended "to give businesses security through the winter", adding, "The security we are providing will protect millions of jobs." He said the scheme would apply throughout the UK, reassuring that the country had "a Treasury for the whole of the United Kingdom". 

Notably, under the revised scheme, anyone made redundant after September 23 can be rehired and put back on furlough.

The chancellor additionally announced billions of pounds of other support for the economy, which includes more money to support the self-employed.

The Self-Employment Income Support Scheme (SEISS) is to be increased, with the third grant (covering November to January) calculated at 80 per cent of average trading profits, to a maximum of £7,500.

Mr Sunak also raised guaranteed funding for the UK's devolved administrations by £2bn to £16bn.

Shadow chancellor Anneliese Dodds reportedly accused the chancellor of ignoring objections to the government's measures "until the last possible moment", pointing out that he had previously "ridiculed" a furlough extension for being "a blunt instrument".

However, the chancellor defended his sudden change of policy, saying: "It is not a weakness to be fast-moving in a crisis, but rather a strength."