Industry reacts to extension of furlough scheme

The Coronavirus Job Retention Scheme (CJRS) will now run until the end of March with employees receiving 80% of their current salary for hours not worked.

Commenting on the statement by the Chancellor, Stephen Phipson, chief executive of Make UK, said: “The Chancellor has said that he would work hard to protect jobs and today’s statement marks a welcome and significant step forward as we deal with the ongoing uncertainty across the whole economy, not just those Regions that have been under tighter restrictions for some time.

“Throughout the crisis the government has promised flexibility to adapt to the situation as it evolves. It has now become rapidly clear that this crisis has many months to run with significant damage to demand in some sectors, the impact of which will be felt well into next year and beyond. As a result, there is now an urgent need to broaden out the policy horizon to move from short term firefighting and salary support towards a longer term strategic plan for business. This must include sector specific support to those industries who have been hit by a temporary collapse in demand to retain their key skills and ensure they remain internationally competitive.”

Make UK www.makeuk.org