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UK extends 80% wage subsidies as England goes back into lockdown

EconomyOct 31, 2020 09:25PM ET
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2/2 © Reuters. FILE PHOTO: The coronavirus disease (COVID-19) outbreak in London 2/2

LONDON (Reuters) - Britain's government will extend by a month its costly coronavirus wage subsidies to ensure workers who are temporarily laid off receive 80% of their pay, Prime Minister Boris Johnson said on Saturday as he announced a new England-wide lockdown.

Britain introduced the 80% wage subsidy scheme in March and it had been due to expire on Saturday to be replaced with a more targeted and less generous support.

The scheme supported 8.9 million jobs at its peak, and had been forecast to cost around 52 billion pounds ($67.28 billion) over its eight-month lifespan.

Firms will have to contribute 5% of the employment costs for workers covered by the extension, the finance ministry said.

It also said a mortgage payment holiday scheme would be extended for households and business premises which are required to close because of coronavirus restrictions would get grants of up to 3,000 pounds ($3,881) a month.

Mortgage borrowers impacted by the pandemic and who have not yet had a payment break will be entitled to a six-month holiday, while those that have already started a payment holiday will be able to top up to six months, the ministry said.

"I have always said that we will do whatever it takes as the situation evolves. Now, as restrictions get tougher, we are taking steps to provide further financial support to protect jobs and businesses," finance minister Rishi Sunak said.

"These changes will provide a vital safety net for people across the UK."

 

UK extends 80% wage subsidies as England goes back into lockdown
 

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Comments (10)
Franklin Stein
Franklin Stein Nov 01, 2020 1:12AM ET
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The premise for this ongoing economic suicide is known to be inaccurate test results created by over amplification. The political elite and their pharma controllers simply ignore the reports. They now ignore their own WHO. All this to ensure whatever experimental vaccine is produced will finish up inside every victim and money will pour from the public purse to the perpetrators.  And then totalitarian control via the smartphone pass system can be introduced. Its just a win win for them and a total loss for everyone else.
Siu Kam
Siu Kam Nov 01, 2020 12:43AM ET
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Wear mask! Wear mask! Wear mask!
Marco Loureiro Silva
Marco Loureiro Silva Oct 31, 2020 11:32PM ET
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Total lockdonw is a wise move for. Government, but the worst to individual freedom. ..
David David
David9 Oct 31, 2020 11:32PM ET
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Saving life is more important than freedom...freedom to not wear a mask is a big no no...
Paul Dunne
Paul Dunne Oct 31, 2020 11:32PM ET
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I demand the right to die and ***others in the process!
Paul Dunne
Paul Dunne Oct 31, 2020 11:32PM ET
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I demand the right to die and quill others in the process.
David David
David9 Oct 31, 2020 10:48PM ET
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It is going to be tough to contained this virus. If they only do partial shutdown, this virus will keep coming back everywhere time they open up. Why these western nation are so stubborn...afraid to follow and copy China?
Brandon Bazzoli
Brandon Bazzoli Oct 31, 2020 10:48PM ET
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Its a virus. Its going to be here regardless. Wear a mask, social distance, and carry on.
life chofu
life chofu Oct 31, 2020 9:56PM ET
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GBP/JPY sell EUR/GBP buy GBP/USD ???  don't touch
life chofu
life chofu Oct 31, 2020 9:56PM ET
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EUR/GBP buy GBP/JPY sell GBP/USD ??? don't touch   :)
Mišel Sanjicki
Mišel Sanjicki Oct 31, 2020 6:22PM ET
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GBP/JPY Sell !!
Lion King
Lion King Oct 31, 2020 4:58PM ET
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for how long this lockdown? 2 weeks!
Sean Taylor
Sean Taylor Oct 31, 2020 3:28PM ET
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is this bearish for the market?
Cindove Fx
Cindove Fx Oct 31, 2020 3:28PM ET
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looks like, but not sure for eurogbp
ravi shastri
ravi shastri Oct 31, 2020 3:28PM ET
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Way to go! Thumbs up for sunak and Bojo!
 
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