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Money.co.uk comments: Furlough extension

Salman Haqqi, personal finance expert at money.co.uk says: “Workers can breathe a sigh of relief, as the Chancellor squashed the rumours that furlough would drop to 60%.

“After weeks of speculation that the furlough scheme would drop, anxious employees will be happy to hear that the scheme has been extended to October at 80%, and employers can bring furloughed staff back part-time starting from August. We welcome the announcement that will ease some of the immediate pressures being faced by many households.

“Workers up and down the country have been hit financially by COVID-19 and although for some, the 20% hit to pay-packs is manageable, for others it is more difficult. But there are ways to help save money and manage budgets with less cash coming in, like keeping energy bills down, cancelling TV subscriptions and getting a refund on unused travel cards. 

“For those struggling to meet bills, many providers are still offering payment breaks and tariff changes for utilities, mortgages, loans and overdrafts.  

“Many industries are short staffed because of the coronavirus crisis, so a second job could be a good option for you, if you are furloughed and need to earn extra money. Your employment contract still applies while on furlough, so make sure your current employer is happy with you taking on new work.”

money.co.uk has launched a dedicated coronavirus hub to support people worried about their finances during the crisis; https://www.money.co.uk/guides/coronavirus 

Press@money.co.uk

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