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Number of Furloughed Workers Reaches 9.4 Million

Posted 2 years ago

Number of Furloughed Workers Reaches  9.4 Million
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To date, 9.4 million workers have been furloughed by 1.1 million employers, with the total value of claims under the Job Retention Scheme currently at £27.4bn, according to the latest data made available by the Treasury. 

This is an increase of just under 100,000 workers, with 9.3 million furloughed workers being recorded a week ago, with employers claiming £25.5bn to cover staff wages. 

The figures come as Chancellor Rishi Sunak announced a Job Retention Bonus of £1000 per employee that returns to work as the government begins to wind-down the furlough scheme. 

Government-backed loans

The furlough figures accompany data on the government-backed loans on offer to businesses. As NextFin reported, over one million companies have now applied for the government’s Bounce Back Loan Scheme which offers businesses access to loans worth up to £50,000 and 100%-guaranteed by the government. 

So far 1,013,410 businesses have received ££30.93bn in loans. As of 5 July, 1.24 million applications for the scheme had been submitted.

Stephen Pegge, managing director of commercial finance at UK Finance, says: “Just over two months since it was launched, the Bounce Back Loan scheme has now backed over one million businesses with £30.9bn worth of lending. 

“Across all the Covid-19 schemes, £45bn has now gone towards supporting businesses thanks to the tireless efforts of staff working on the ground.

As part of the Coronavirus Business Interruption Loan Scheme, £11.49bn has been approved to help more than 53,500 businesses, with more than 107,000 applications having been made under the scheme.

“Today’s figures represent part of an unparalleled package of support from the industry which includes 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.”

Commenting on the latest data, CEO of Nextfin, Sacha Bright said: “As the Chancellor said, small businesses are the backbone of our economy. But let's make no bones about it, these are loans, not grants and the banks are lending the money, the government is securing it. 

“The banks fully expect this money to be repaid. Rishi Sunak, is an ex-banker, so no wonder there is a lot of debt in his packages. Small businesses do not need debt. They need investment, and we would like to see the government support and encourage private investment into these businesses.” 

Authors: Oliver Murphy & Sacha Bright

Disclaimer

To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed.



Tagged: sme coronavirus news business entrepreneur



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