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Bank of England boss Bailey backs end of furlough scheme

Bank of England boss Bailey backs end of furlough scheme

Business
Media playback is unsupported on your device The Governor of the Bank of England has backed the government's decision to end its furlough scheme in October.Andrew Bailey told the BBC it was important that policymakers helped workers "move forward" and not keep them in unproductive jobs.He said coronavirus would inevitably mean that some jobs became redundant.The Bank also predicted the economic slump caused by Covid-19 will be less severe than expected, but warned the recovery will also take longer.More than nine million jobs have been furloughed under the government's job retention scheme, but the Bank expects most people to go back to work as the economy recovers.Trade unions have urged Chancellor Rishi Sunak to extend the scheme, which pays...
UK furlough scheme now covers 8.9 million workers

UK furlough scheme now covers 8.9 million workers

Business
Some 8.9 million workers are now covered by the government's furlough scheme, the Treasury has said.Claims for subsidies filed by employers have now reached £19.6bn, it added.The scheme, brought in to mitigate the effects of coronavirus, allows employees to receive 80% of their monthly salary up to £2,500.A similar scheme for self-employed workers, known as the Self-Employed Income Support Scheme, has seen 2.6 million claims made worth £7.5bn.This differs from the furlough scheme because it is a grant paid out in a single instalment covering three months and amounting to 80% of average profit.Self-employed workers can continue to apply for the first SEISS grant until 13 July. Applications for a second grant will open in August.The furlough scheme, officia
UK furlough scheme now covers 8.4 million workers

UK furlough scheme now covers 8.4 million workers

Business
Some 8.4 million workers are now covered by the government's furlough scheme, up from eight million a week earlier, the Treasury has said.Claims for subsidies filed by employers rose to £15bn from £11.1bn, it added.The scheme, brought in to mitigate the effects of coronavirus, allows employees to receive 80% of their monthly salary up to £2,500.A similar scheme for self-employed workers saw 2.3 million claims made worth £6.8bn.The Self-Employed Income Support Scheme, as it is known, differs from the furlough scheme because it is a grant paid out in a single instalment covering three months and amounting to 80% of average profit.The furlough scheme, officially called the Coronavirus Job Retention Scheme, was originally intended to last until the end of Jul
Norwich City defend furlough decision and could lose up to £35m

Norwich City defend furlough decision and could lose up to £35m

Sports
Norwich City will "stick to their guns" on a decision to furlough non-playing staff, with the club expected to lose up to £35m because of coronavirus.The Canaries and Newcastle are the only Premier League clubs currently using the government's job retention scheme.Norwich say the suspension of football will cost them between £18m and £35m. "The decision we made was in the best interests of the club and its staff," chief operating officer Ben Kensell told BBC Radio Norfolk."We've been very transparent that we're run in a self-financed manner. We generate a turnover of £123m - £93m of that is broadcast, and we've spent £125m this year - and that's how we run the club,"Ultimately, if we had the