The UK's Job Retention Scheme may cost £30-40bn over three months, three times the size of initial estimates, according to analysis by the Resolution Foundation. While initial Treasury estimates suggested a 10% take-up, fresh figures from the British Chambers of Commerce (BCC) suggest that far more firms are planning to use it.
It found nearly a fifth of smaller firms plan to furlough all their staff. And 50% of companies are putting most of their staff into the scheme. BCC director general Adam Marshall commented: "We've seen a big jump in the number of firms furloughing staff, and many are now starting to apply for access to government loan and grant schemes to keep themselves afloat… So many businesses around the country need cash quickly. If they don't receive some of the funding urgently by the end of this month, many of them are going to have to take drastic steps.”
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