You are here: Home - Household Bills - News -

Number of furloughed workers remains at 9.5 million

0
Written by: Emma Lunn
28/07/2020
A total of 9.5 million jobs have been furloughed at a cost of £31.7bn, according to HMRC statistics.

As of Sunday 26 July, 9.5 million workers have been furloughed by 1.2 million employers. In total, the value of claims under the government’s Coronavirus Job Retention Scheme (CJRS) stands at £31.7bn.

This is the same number of furloughed workers as a week ago but the total value of claims to cover staff wages under the scheme has jumped from £28.7bn to £31.7bn. The government releases weekly furlough figures every Tuesday.

Support for the self-employed

Claims under the first tranche of the Self-Employment Income Support Scheme closed on Monday 13 July.

Up until 19 July, 2.7m self-employed workers had claimed under the scheme, with the total value of claims standing at £7.8bn.

A second grant will be available for self-employed workers from August.

This second grant will be payable at a level equivalent to 70% of the taxpayer’s annual average profits, capped at £2,190 per month, so the maximum amount payable will be £6,570 to cover three months.

Support for businesses

Separate figures from the Treasury show that more than £49bn has been given in loans to struggling businesses.

Under the Bounce Back Loan Scheme, 1,113,312 businesses had received £33.68bn in loans as of 26 July. More than 1.35 million applications for the scheme have been submitted.

As part of the Coronavirus Business Interruption Loan Scheme, £12.65bn has been approved to help more than 57,000 businesses, with nearly 116,000 applications having been made under the scheme.

Turning to the Coronavirus Large Business Interruption Loan Scheme, the Treasury statistics revealed £3.1bn of loans have been approved for 457 businesses, with 872 applications having been received.

Stephen Pegge, managing director of commercial finance at UK Finance, said: “Today’s figures demonstrate the unprecedented levels of support provided by the industry and are testament to the hard work of staff on the ground. More than £49bn has been approved so far to almost 1.2 million businesses of all sizes through the government-backed lending schemes.

“This support is just one part of the industry’s wider plan to help businesses in the UK, including commercial lending, capital repayment holidays, extended overdrafts and asset-based finance.

“It’s important to remember that any lending provided under government-backed schemes is a debt not a grant, and so firms should carefully consider their ability to repay before applying.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
“Fix your bike” vouchers launched

The government has launched a scheme offering £50 bike repair vouchers as part of a £2bn project to get Brits...

Close