Job Retention Scheme extended to end of June17 April 2020
The Chancellor Rishi Sunak has today announced the extension of the government’s Job Retention Scheme, also known as the furlough scheme, by one month to the end of June.
Businesses facing cashflow issues due to the coronavirus crisis can furlough staff, with the government pledging to pay 80% of their wage, up to a total of £2,500 per month. Businesses are free to make up the remaining 20% if they are able to do so.
Announced today (17th April 2020) by HM Treasury, it is believed that this move will allow companies across the UK to continue to protect millions of jobs. Rishi Sunak has said that this move would “provide businesses with the certainty that they need”. The Chancellor has also confirmed that he would keep the scheme under review and extend further if necessary.
Business Secretary Alok Sharma also announced the creation of a Vaccines Taskforce, to co-ordinate the effort to create a vaccine for the coronavirus. It comprises experts from government, academia and industry, and will support progress across all stages of vaccine development, at pace. The taskforce will work with industry in the UK and internationally to get the country to a position where it is able to manufacture effective vaccines on a large scale.