Rishi Sunak announced that the furlough scheme, unprecedented in its scale and cost, and aimed at saving millions of jobs as the lockdown was imposed, is to be slowly wound down.
From August, employers will be asked to share the burden borne by the government to pay workers’ salaries – and it will come to an end in October. Mr Sunak promised to kick start the economy, so that – as he put it, “the hum of activity will return”.
But that is a distant reality for those businesses likely to be feeling the pinch of the pandemic for many months to come, and who fear that as the economy is taken off life support, they will struggle to survive.
In This Story: ITV
ITV (LSE: ITV) is a broadcasting company which was formed from a merger of Granada plc and Carlton Communications in 2004. It holds Channel 3 broadcasting licences in England, Wales, Southern Scotland and the Isle of Man.
2 Recent Items: ITV
In This Story: Lockdown
During the 2020 Covid-19 epidemic, lockdown has come to mean the practice of attempting to control transmission of the virus by means of restricting people’s movement and activities on a broad scale, usually on a national or state-wide basis.
3 Recent Items: Lockdown
In This Story: Rishi Sunak
Rish Sunak is a British Conservative Party MP, who was originally elected as a Member of Parliament in the Richmond (Yorks) constituency in 2015.
His father-in-law is billionaire founder of Indian IT giant, Infosys, NR Narayana Murthy.
Sunak experienced a meteoric rise, first to be selected for the “safest” Conservative seat in the UK, he would later become the UK Chancellor of the Exchequer in under five years.