U.K. Treasury Says Coronavirus Support Now at $70 Billion

U.K. Treasury Says Coronavirus Support Now at $70 Billion

© Bloomberg. Tower Bridge stands in this view frame by a window on an empty bus traveling through the City of London, U.K., on Friday, May 29, 2020. For the last 11 weeks, Europe’s financial center has been staffed with skeleton crews, particularly on the high-speed trading desks that are difficult to run from home. Photographer: Hollie Adams/Bloomberg

(Bloomberg) —

The cost of the U.K.’s virus-support measures has risen to 56 billion pounds ($70 billion) as the government pays the wages of 8.7 million jobs, according to the latest figures from the Treasury.

Some 17.5 billion pounds had been claimed under the Coronavirus Job Retention Scheme as of midnight on May 31. Under the program, the government pays 80% of an employee’s wage up to a maximum of 2,500 pounds a month.

The rising cost of the of support comes as the government weighs up the economic cost of maintaining its lockdown with the risk of a second peak in coronavirus cases if the country reopens businesses too quickly.

To view the source of this information click here

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Latest Category Posts