Rishi Sunak preparing to wind down furlough scheme but promises ‘no cliff edge’ | ITV News

The Chancellor’s Job Retention Scheme has proved extremely popular since it went live two weeks ago.

Already 6.3 million employees in the UK have been “furloughed”, meaning the government is paying 80% of their wages.

The idea is that the scheme incentivises companies to hold onto their staff even as the economy heads into a severe recession.

The chancellor has already extended the Job Retention Scheme (JRS) scheme once and is under pressure to do so again. Various business groups have warned of mass redundancies unless taxpayer support continues beyond the end of June.

But Rishi Sunak said on Monday he is preparing to phase out the scheme as the economy begins to unlock.

“To anyone anxious about this I want to reassure them that there will be no cliff-edge to the furlough scheme,” he told ITV News.

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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.

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    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.

    Brief Biography Here.

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