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Rishi Sunak announces furlough scheme extension

Businessman sitting alone in bar

Chancellor Rishi Sunak has announced that the furlough scheme will be extended by one month, to April 2021.

As part of the move, the Government will continue to support the scheme in its current state, where the Government will contribute 80% of employee wages.

As part of the announcement, the Chancellor also announced an extension to the Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme, the Bounce Back Loan Scheme and Future Fund.

Our package of support for businesses and workers continues to be one of the most generous and effective in the world – helping our economy to recover and protecting livelihoods across the country.

We know the premium businesses place on certainty, so it is right that we enable businesses to plan ahead regardless of the path the virus takes, which is why we’re providing certainty and clarity by extending this support, as well as implementing our Plan for Jobs.

Chancellor of the Exchequer Rishi Sunak

So far, the Coronavirus Job Retention Scheme (CJRS) scheme has protected 9.6 million jobs across the UK with more than one million businesses accessing loans to help them through the crisis.

For many businesses, these schemes are a lifeline.

While our loan schemes have provided a vital lifeline to millions of firms across the country, we know that business owners need additional certainty as we head into the New Year.

Extending government-backed loan schemes will give companies right across the UK the finance they need to support, protect and create jobs as we build back better from the pandemic.

Business Secretary, Alok Sharma
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