Furlough scheme extended until 31 March 2021

The Chancellor of the Exchequer, Rishi Sunak, has announced today, 5 November, that the Job Retention Scheme will be extended, acknowledging the need for further financial support to protect jobs following the national lockdown in England, the firebreak in Wales and the local restrictions in Northern Ireland and Scotland.

This will be more good news for the property industry after the confirmation that the housing market will be able to continue through the new national lockdown in England.

The Scheme, often referred to as the Furlough Scheme, would continue to contribute 80 per cent of employees wages up to £2,500 per month for the duration of the extension. However, the Job Retention Bonus, which included a £1,000 payment for businesses that brought back furloughed staff for a minimum period, will now be cancelled.

Other positive news announced by the Chancellor is that the Self-Employment Income Support Scheme Grant will also be extended and will now cover 80 per cent of expected trading profits between November to January.

Turning to the question of schemes in Wales and Scotland Sunak confirmed there will be more funding for the devolved Administrations, increasing from £14bn to £16bn.

Extending furlough and increasing our support for the self-employed will protect millions of jobs and give people and businesses the certainty they need over what will be a difficult winter.

Rt Hon Rishi Sunak MP Chancellor of the Exchequer

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