Rishi Sunak extended the coronavirus job subsidy scheme until the end of October as he conceded yesterday that the UK is already in recession. Mr Sunak revealed that the scheme, which sees the taxpayer subsidise 80 per cent of wages up to a maximum of £2,500 a month, is already supporting an astonishing 7.5million jobs. The scheme has been accessed by 935,000 businesses since March and has already cost £10billion. Asked whether the country faced an inevitable recession, Mr Sunak told the BBC: ‘We already know that many people have lost their jobs and it breaks my heart. Last night Mr Sunak suggested the scheme, which will now run for at least eight months, was costing about £8billion a month.

Source: Daily Mail May 12, 2020 22:07 UTC