Dec 29, 2020

Covid, furlough and Topshop collapse: 2020 in business stories

The furlough scheme was announced as part of efforts to support the UK economy. The government scheme, which pays up to 80% of furloughed workers' wages, has since been extended a number of times. At the beginning of the month Bank of England boss Andrew Bailey backed the government plan to end the furlough scheme in October, saying the government should help workers "Move forward" rather than stay in unproductive jobs. In the event, the government announced an emergency jobs scheme that was less generous than the furlough scheme. The government announced at the beginning of November that it would extend the furlough scheme to the end of March, and postpone its less generous replacement scheme.

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