Government Furlough Scheme Cost, Uk Furlough Q A All You Need To Know About The Coronavirus Job Retention Scheme Money The Guardian
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This means the extended furlough scheme is more generous.
Will furlough be extended again. A facebook post shared thousands of times has compared the cost of the governments furlough scheme to other public costs and spending. Arlier this month the chancellor rishi sunak noted that the cost of the governments jobs furlough scheme around 14bn for every month was as much as the monthly expenditure on the. The post claims that the scheme brought in to retain jobs amidst the new coronavirus pandemic is currently costing the government 14 billion per month.
So far the furlough scheme has cost the exchequer almost 40bn since its launch in march. Under the extended scheme the cost for employers of retaining workers will be reduced compared to the current scheme which ends today. By contrast those who slip through furlough net are receiving universal credit and this can be a meagre 40989 per month other benefits like housing may apply.
137bn bailing out the banks according to the office of budget responsibility the government spent 137bn of public money to bail out banks on the verge of collapse during the 2008 financial crisis. The treasury will pay millions of workers wages for most of 2020 after chancellor rishi sunak extended the taxpayer backed furlough scheme until october at at a cost of up to 100bn to the. Heres five things that cost the uk government more than the furlough scheme.
By 18 october furlough claims had cost the taxpayer 414bn with costs expected to rise. There is still an opportunity cost of government spending. The government has expanded the furlough scheme at the last minute as it brings in a new lockdown.
The number of people on furlough has fallen from a peak in may of 9 million to about 3 million in september.
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