The Coronavirus Job Retention Scheme will be extended across the UK until the end of March, it was announced today.
Speaking in the House of Commons, Chancellor of the Exchequer, Rishi Sunak, said the furlough scheme will pay up to 80% of a person’s wage up to £2,500 a month. The policy will be reviewed in January.
The chancellor said his intention was to give businesses security throughout the winter months.
Mr Sunak also announced billions of pounds of further support for the economy, including more money for the self-employed.
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.