U.K. Private Sector Job Support Rises to £37.6 Billion
U.K. Private Sector Job Support Rises to £37.6 Billion
(Bloomberg) --
The cost of supporting private-sector workers through the coronavirus pandemic climbed to 37.6 billion pounds ($48 billion) as the government prepares to begin unwinding its assistance programs.
The furlough program, which pays 80% of a full-time wage, was supporting 9.5 million jobs as of July 19, according to the latest weekly statistics from HMRC, the U.K. tax authority. The scheme is due to taper from August, with employers taking on more of the burden.
Help is also being provided to 2.7 million self-employed workers. The Office for Budget Responsibility estimates that the two assistance programs combined will end up costing taxpayers 62.2 billion pounds, net of tax, with furloughing accounting for the large majority.
Separate data showed the the government aid for firms rose further across its three lending programs.
| Plan | Usage | Cost (Pounds) |
|---|---|---|
| Coronavirus Job Retention Scheme | 9.5 million jobs | 29.8 billion |
| Self-employment Income Support | 2.7 million claims | 7.8 billion |
| Bounce Back Loan Scheme | 1,084,153 loans | 32.8 billion |
| Coronavirus Business Interruption Loan Scheme | 55,674 loans | 12.20 billion |
| Coronavirus Large Business Interruption Loan Scheme | 428 loans | 2.89 billion |
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