Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Finance Minister Sunak to announce local furlough scheme on Friday - The Times

Published 08/10/2020, 23:00
Updated 09/10/2020, 02:30
© Reuters. Britain's Chancellor of the Exchequer, Rishi Sunak, leaves a television studio in London

(Reuters) - British Finance Minister Rishi Sunak will announce a local furlough scheme on Friday in which the government will subsidise two thirds of the wages of workers in pubs, restaurants and other businesses that are forced to close to stop the spread of the coronavirus, The Times newspaper reported https://

"Employers will be able to access the scheme for as long as pubs, restaurants and other businesses are closed," the newspaper's deputy political editor, Steven Swinford, said on Twitter.

The Times quoted an unidentified minister as saying there was frustration in government at the failure of the Treasury to bring forward the measures sooner.

The Daily Mail newspaper reported earlier that Sunak was putting together a new support package for jobs in a furlough-style bailout for coronavirus hotspots plunged into local lockdowns next week.

Britain has already suffered the highest death toll in Europe and the worst economic contraction of any leading nation from the coronavirus outbreak.

Its parliament will vote on Tuesday on the imposition of a 10 p.m. closing time for English pubs, bars and restaurants, a measure the government says is necessary to tackle COVID-19, but which the hospitality industry says is destroying businesses.

More restrictions are being considered for parts of northern England, Communities Secretary Robert Jenrick said on Thursday.

Local media reported on Wednesday that Prime Minister Boris Johnson will soon launch a simplified three-tier local lockdown code.

Areas in Tier 1 will continue with the current social distancing measures while areas in Tier 2 will have a ban on households mixing. The worst-affected areas in Tier 3 will have to close hospitality.

© Reuters. Britain's Chancellor of the Exchequer, Rishi Sunak, leaves a television studio in London

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.