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Sunak extends furlough pay subsidies until end of March

Britain's Chancellor Of The Exchequer Rishi Sunak Attends A Virtual News Conference, In London
Britain's Chancellor of the Exchequer Rishi Sunak attends a virtual news conference, amid the spread of the coronavirus disease

LONDON, Nov 5 (Reuters) – British finance minister Rishi Sunak on Thursday extended the coronavirus furlough scheme, which provides 80% of the pay of temporarily laid-off workers, until the end of March and would provide billions of pounds of other support for the economy.

“To give people across the UK certainty over the winter, I can announce today that the furlough scheme will not be extended for one month – it will be extended until the end of March,” Sunak told parliament.

Earlier on Thursday, the Bank of England said it was increasing the size of its government bond purchases by a further 150 billion pounds ($196 billion), helping the government to fund the surge in public spending.

As well as the furlough extension, he increased support for self-employed people and raised guaranteed funding for the United Kingdom’s devolved administrations by 2 billion pounds to 16 billion pounds.

Sunak said he would review the furlough policy in January.

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