June 30, 2020 / 8:54 AM / a month ago

UK furlough scheme spending passes 25 billion pounds

FILE PHOTO: Daffodils are seen flowering near the Treasury building in London, Britain March 7, 2017. REUTERS/Toby Melville/File Photo

LONDON (Reuters) - Britain’s finance ministry said on Tuesday it had spent more than 25 billion pounds on a furlough programme that is supporting 9.3 million jobs.

In a weekly update, the Treasury said claims under its Job Retention Scheme - which pays 80% of salary costs for furloughed staff - had risen to 25.5 billion pounds as of June 28 from 22.9 billion pounds the week before.

Banks had lent small businesses 29.5 billion pounds of 100% state-backed loans, up about 1.5 billion pounds from the previous week. Larger firms had received 11.1 billion pounds from the government’s main lending scheme, with the biggest companies getting an extra 2.3 billion pounds.

Writing by William Schomberg; Editing by Paul Sandle

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