The UK extended its job retention scheme by four months, but warned business will have to share the burden
Finance minister Rishi Sunak said 7.5 million temporarily laid off employees, almost one in every four British workers, were now on the scheme.
The programme is designed to stop an expected sharp rise in unemployment from turning into the kind of surge seen in the United States. But he also told companies they would have to start sharing the cost of the scheme from August although the government would still take on “the lion’s share” of the cost.
“Many firms that would normally be on a strong footing are still in dire straits,” said Edwin Morgan, director of policy at the Institute of Directors.An economic think-tank said extending the furlough scheme would prevent companies from readjusting to the changed economy, potentially causing a rise in joblessness after the lockdown.
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