UK Gov and Bank of England Join Forces To Support Economy

NTD Newsroom
By NTD Newsroom
November 6, 2020NTD Business

Treasury Chief Rishi Sunak announced on Nov. 5 that the government is extending its salary support program.

The move will be a relief to employers and employees in firms that have had to close as a result of the heightened restrictions.

The Bank Of England will also pump $196 billion worth of cash into the economy.

The scheme means the government will pay 80 percent of wages for people retained by firms. This avoids layoffs. Self-employed workers will also be provided grants as well.

Anyone who was on payroll and laid off since Sept. 23 can be re-employed and benefit from the scheme.

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