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What will happen when the Chancellor turns off the furlough tap? - BBC Newsnight
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August 25, 2020
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11:15Now PlayingFrance has extended its furlough scheme to 24 months and Germany is expected to follow suit. Should the UK follow its European neighbours and extend the scheme, implemented after the coronavirus outbreak, that's kept over nine million people in work across the UK? Subscribe to our channel here
The government's furlough scheme has kept over nine million people in work across the UK, and the cost of the scheme in total is expected to be £60bn.
But it is scheduled to end in October and many fear it is masking many thousands of job losses.
Labour leader Keir Starmer has warned that without an extension, manufacturing jobs in particular will be hit, but Chancellor Rishi Sunak is currently opposed and says the UK must embrace change.
France has already extended its furlough scheme to 24 months and Germany is most likely to follow suit. So does that put the UK at a disadvantage or could we steal a march on our European neighbours?
If the government doesn’t extend the job retention scheme, how can they prevent a looming jobs crises?
Business Editor Helen Thomas reports and Kirsty Wark is joined by general secretary of the TUC Frances O’Grady and economist Jonathan Portes.
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