Furlough scheme extended until March, chancellor Rishi Sunak announces
THE chancellor Rishi Sunak has extended the government’s furlough scheme until March – as well as boosting support for the self-employed.
The Coronavirus Job Retention Scheme will continue to see the government cover 80 per cent of an employee’s salary - capped at £2,500 a month.
The chancellor told parliament today that the furlough scheme – which had previously been extended to cover November - will now be extended until the end of March, with the scheme reviewed in January.
Earlier this year, the furlough scheme was praised as a ‘lifeline’ by business leaders in the city, as more than 22,000 people in Portsmouth made claims by the end of May.
The recent extension was intended ‘to give businesses security through the winter’ according to Mr Sunak.
He said: ‘I know that people watching at home will have been frustrated by the changes the government has brought in during the past few weeks.
‘I have had to make rapid adjustments to our economic plans as the spread of the virus has accelerated.
‘The security we are providing will protect millions of jobs.’
And the announcement also covered a boost for the self-employed.
Mr Sunak continued: ‘For self-employed people, I can confirm the next income support grant which covers the period November to January will now increase to 80 per cent of average profits up to £7,500.’