Chancellor of the Exchequer Rishi Sunak leaves 10 Downing Street after attending a Cabinet meeting on 14 February, 2020.Barcroft MediaU.K. Finance M
Chancellor of the Exchequer Rishi Sunak leaves 10 Downing Street after attending a Cabinet meeting on 14 February, 2020.
U.K. Finance Minister Rishi Sunak has announced a back-to-work bonus scheme for businesses bringing furloughed employees back to work, and a 50% restaurant discount for all citizens through the month of August.
In a de-facto “mini-budget” unveiled Wednesday, Sunak told the House of Commons that the jobs retention scheme, which has subsidized wages for 9.3 million furloughed workers, will be tapered down to end in October. Businesses will receive £1,000 bonuses per furloughed worker retained through January earning at least £520 per month.
Ahead of Wednesday’s update, economists had warned that ending the furlough scheme in October would give rise to a much-feared unemployment crisis. However, Sunak claimed the scheme “can’t and shouldn’t go on forever” and labeled calls for a further extension to the furlough scheme “irresponsible.”
“We have to be honest. Leaving the furlough scheme open forever gives people false hope that it will always be possible to return to the jobs…