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U.K. Treasury Says Coronavirus Support Now at $70 Billion

Published 06/02/2020, 05:36 AM
Updated 06/02/2020, 05:54 AM
© Bloomberg. Tower Bridge stands in this view frame by a window on an empty bus traveling through the City of London, U.K., on Friday, May 29, 2020. For the last 11 weeks, Europe's financial center has been staffed with skeleton crews, particularly on the high-speed trading desks that are difficult to run from home. Photographer: Hollie Adams/Bloomberg

(Bloomberg) --

The cost of the U.K.’s virus-support measures has risen to 56 billion pounds ($70 billion) as the government pays the wages of 8.7 million jobs, according to the latest figures from the Treasury.

Some 17.5 billion pounds had been claimed under the Coronavirus Job Retention Scheme as of midnight on May 31. Under the program, the government pays 80% of an employee’s wage up to a maximum of 2,500 pounds a month.

The rising cost of the of support comes as the government weighs up the economic cost of maintaining its lockdown with the risk of a second peak in coronavirus cases if the country reopens businesses too quickly.

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©2020 Bloomberg L.P.

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