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02-09-2020, 12:53 AM
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Coronoavirus: Furlough Wind Down Starts

https://www.bbc.co.uk/news/business-53982422

Since March, the Coronavirus Job Retention Scheme has paid 80% of the wages of workers placed on leave, up to a maximum of £2,500 a month.

But now that is going down to 70%, with the employer paying 10%.

Many companies are also likely to began shedding more staff as the scheme unwinds, which is why some economists are predicting a huge jump in unemployment. Calls for the scheme to be extended are growing.

It is due to finish at the end of October and Chancellor Rishi Sunak has repeatedly ruled out an extension to it.

In October, the government will pay 60% of wages up to a cap of £1,875. The employers' share of the bill will then go up to 20% of wages.

With business far from usual, almost 10m workers continue to have their wages for paid by the state. The price-tag so far has crossed £35bn, the kind of level which points to tax rises further down the road. That figure expected to rise to £80bn by the time the program stops in October 2020.

The chancellor's own independent forecaster reckons unemployment could reach rates not seen since the 1980s.
That 10% will hit all firms who have been living on borrowed time and redundancy will come as a shock to workers to have been "holidaying" all summer .....

IMO, The 20% will break some firms and some workers will never be employed again.
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02-09-2020, 09:53 AM
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Re: Coronoavirus: Furlough Wind Down Starts

I believe that the furlough scheme was one of the biggest mistakes made where the effect on the UK economy is concerned if not the biggest.
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02-09-2020, 10:15 AM
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Re: Coronoavirus: Furlough Wind Down Starts

All too true and now the law of unintended consequences falls into place because people have got used to it and dont want to return to work, if their jobs still exist.
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02-09-2020, 10:32 AM
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Re: Coronoavirus: Furlough Wind Down Starts

Hi

A value judgement by Government.

No Furlough, massive job losses and a bigger burden on the Taxpayer.
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02-09-2020, 11:05 AM
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Re: Coronoavirus: Furlough Wind Down Starts

Originally Posted by Rainmaker ->
All too true and now the law of unintended consequences falls into place because people have got used to it and dont want to return to work, if their jobs still exist.
I think you've hit the nail on the head there Rainmaker !
The workers have got used to getting paid for nowt !
And the bosses have got used to getting labour for nowt !
Office workers have got used to working in bed !
We will all end up with nowt !!

Donkeyman! 😢😢😢
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02-09-2020, 11:07 AM
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Re: Coronoavirus: Furlough Wind Down Starts

Originally Posted by The Artful Todger ->
I believe that the furlough scheme was one of the biggest mistakes made where the effect on the UK economy is concerned if not the biggest.
Ditto !!

Donkeyman! 😟😟
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02-09-2020, 11:09 AM
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Re: Coronoavirus: Furlough Wind Down Starts

Originally Posted by Donkeyman ->
Ditto !!

Donkeyman! 😟😟
Out of interest, what would you and/or Todger have done, assuming that you wanted to limit the spread of what was considered to be a particularly nasty virus at the time?
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02-09-2020, 11:14 AM
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Re: Coronoavirus: Furlough Wind Down Starts

If furlough continues we might as well nationalise everything !!

Donkeyman! 🤔🤔
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02-09-2020, 11:16 AM
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Re: Coronoavirus: Furlough Wind Down Starts

Originally Posted by The Artful Todger ->
I believe that the furlough scheme was one of the biggest mistakes made where the effect on the UK economy is concerned if not the biggest.
So do I .
My son has worked throughout as has his wife a key worker .
Yet his children will have to pay for the huge debt run up by furlough.
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02-09-2020, 11:28 AM
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Re: Coronoavirus: Furlough Wind Down Starts

It would be a lot more expensive if 3 million people lost their jobs over COVID-19.

When people go back to work, the economy will bounce back and the shortfall of orders etc needs to be sorted out. Furloughing is the right thing to do - you don't need to recruit them back or worse, replace them with untrained staff when the pandemic is over. You also don't need to pay unemployed people welfare, housing benefit etc - and considering people got a 3 month mortgage holiday, I don't think they would be affected all that much (in most cases).

In the USA I saw a report that manufacturing is at an all time high since the last 16 years due to the surge since COVOD-19. What happens in the USA usually happens here.
 
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