3 March

Faisal Islam, a political and economics journalist, shared an article on forecasts for peak pandemic unemployment in the UK to have been revised down as a result of encouraging vaccine rollout and furlough extension in the country.

The Chancellor, Rishi Sunak, has promised to deploy full fiscal support to protect the livelihoods of people and businesses ahead of his budget speech later today.

Economists believe the chancellor will be extending the furlough schemes until the end of September this year.

According to Sunak, the scheme which pays 80% of employees’ wages for the hours lost because of the coronavirus pandemic, will help in protecting millions of jobs and incomes across the UK.

Additionally, about 600,000 more self-employed people will be eligible for government help as access to grants is widened.

However, he has also cautioned against tough economic times and plans to raise some taxes in the future.

The Coronavirus Job Retention Scheme has supported more than 11 million jobs since it came into effect and is due to end in April.

As per the new scheme, employers will be expected to pay 10% to their staff not working in July, increasing to 20% in August and September as the economy gradually reopens.

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