Rishi Sunak confirms furlough scheme to be gradually withdrawn
by Heather Stewart, Richard Partington and Frances Pe from Economics | The Guardian on (#542YA)
Chancellor says businesses will be meeting 20% of wage bill for 8.4m workers by October
Rishi Sunak has confirmed the Treasury is to gradually withdraw its job retention scheme over the next five months, with businesses meeting 20% of the wage bill for their furloughed staff by October.
Taxpayers have been meeting the wage bill for 8.4 million workers, at a cost of about 14bn a month, since March. The scheme was aimed at preventing mass layoffs, as lockdown restrictions caused large parts of the economy to shut down.
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