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Finance ministers usually rejoice when businesses and employees alike both plead for a signature scheme to be extended. But for UK chancellor Rishi Sunak, demands to continue the country’s Coronavirus Job Retention Scheme, AKA the furlough, beyond March are as financially uncomfortable as they are politically hard to resist. Originally launched in April 2020, the scheme has broadly paid 80% of wages for up to 10 million employees prevented from working during the pandemic. This is largely why UK unemployment was 5.1% in the last quarter of 2020, which is comparable with boom years like 2001-02 and 2006-07, despite the worst economic slump for over three centuries. Contrast this with furlough-less America, where unemployment jumped from below 4% to 15% in the first coronavirus wave.

United statesUnited kingdomAndril drachuk alamyPjrnews alamyAndy haldaneKeir starmerRishi sunakCoronavirus job retention schemeCarlos caetanoEconomic growthEconomic recoveryஒன்றுபட்டது மாநிலங்களில்ஒன்றுபட்டது கிஂக்டம்ஆண்டி ஹால்டேன்ரிஷி சுனக்கார்லோஸ் காட்டானோ