Economy

Chancellor confirms the Job Retention Scheme will last until October

Chancellor confirms the Job Retention Scheme will last until October”

However he said this will be "shared" by businesses as staff get back to work.

Lord King said the emergency wage support scheme could be made more flexible by allowing furloughed workers to engage in part-time work. However, it will ask employers to start sharing the cost starting in August.

The Chancellor says further details on what this means will be released before the end of this month but he insists: "Workers will, through the combined efforts of government and employers, continue to receive the same level of support as they do now, at 80 per cent of their salary up to £2,500 [per month]".

The scheme covers around a quarter of Britain's private-sector workforce and is the costliest single measure to support Britain's economy at a time when many businesses have been forced to close due to the coronavirus.

Speaking to Car Dealer Live at lunchtime today, Wessex Garages MD Chris Wiseman was told the news as it broke live.

He told Sky News: "We're rolling out in mid-May".

He said: "I think it will help with this anguish of a lot of people wanting to see family members in another household, whether that's a grandparent - although there are the risks for older grandparents - or for people who are in a relationship but are in different households, and I understand that yearning as well". We will engage with the Treasury and HMRC on the detail to ensure that this gives companies the flexibility they need to reopen safely. But I think it's probably an indication that they think retail will be slightly slower'.

"The Government should reject calls to swiftly end the Job Retention Scheme".

Countless television and film companies are among the 1M organizations in the United Kingdom that have taken advantage of the scheme, which has provided a monthly salary for 7.5 million people.

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Sunak has previously said he was preparing to "wean" workers and businesses off the programme.

However, the Chancellor now faces decisions about the future of the scheme that are much more complex than it's unprecedented, but ultimately relatively straightforward, introduction.

Prime Minister Boris Johnson said yesterday that the government would continue to offer some support to workers who have been temporarily put on leave.

He said people who could not work from home should return to work on Monday where possible.

He said this could include providing training or helping businesses to create new jobs.

Sunak opened the furlough scheme on 20 April and it now covers nearly a quarter of employees in Britain.

'Changing the rules to allow part-time working is key to enabling a gradual and safe return to work. Business groups and unions have criticised the announcement for vagueness.

But employers are not obliged to make up the difference, and there is no guarantee this cut would make them more likely to bring staff back full-time if economic demand remains weak. The Isle of Wight project has gone well so far, we've learned a lot about how the app operates. Many firms that would normally be on a strong footing are still in dire straits.

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