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  • the chancellor Richie Soon, I will use tomorrow's budget to pledge more support for jobs and businesses as the covid restrictions are gradually lifted across the UK.

  • But he also warned that the policy of doing whatever it takes we'll have to come to an end once the crisis is over, because action will then be needed to repair the public finances.

  • Tomorrow, he'll announce a continuation of the furlough scheme until the end of September, with workers receiving 80% of their current salary.

  • More than 600,000 people are set to be added to the Self Employment Income support scheme, and the overall support schemes are likely now to cost the taxpayer more than £100 billion.

  • Our economics editor, Faisal Islam, looks at the furlough extension and other parts of tomorrow's budget.

  • Mm.

  • It is incredible to think last year's budget didn't even contain the word furlough.

  • Official confirmation of a pandemic coming hours afterwards, rendering most of the numbers obsolete.

  • And yet, even before tomorrow's budget, another lent the extension confirmed Hi, everybody.

  • I'm David, the head chef for the poor trusting Honestly, David in Nottinghamshire has one of 11 million jobs that have been supported so far.

  • Head chef at a restaurant.

  • He's used his time to try to help teach cooking cheaply for families, an extension essential, he says.

  • It's been tough, people wouldn't be and I definitely wouldn't have been able to pay my bills.

  • And then there's potential for losing your house and getting in a lot of trouble and mentally as well would be really, really tough.

  • So far in this crisis, unemployment has gone up only modestly.

  • But add in those on the furlough scheme and the separate support scheme for the self employed changes the picture dramatically showing how the rescues prevented mass unemployment.

  • The extension now is aimed to prevent a rapid rise in unemployment at the end of the scheme.

  • The BBC understands that forecasts for peak joblessness will be revised down tomorrow.

  • So this is the budget document for tomorrow.

  • The chancellor Richie Soon act today was putting the final touches to his budget speech, meeting young workers on a video call.

  • He promised to deploy the full fiscal firepower of the Treasury to protect livelihoods.

  • The theme of the budget read book, which will also stretch to a similar extension of the £20 a week universal credit increase and include hundreds of thousands of previously excluded self employed workers in the support packages.

  • This is another huge intervention worth 10 £15 billion worthy of a budget in and of itself.

  • The point is to take some of those millions of jobs ineffective hibernation and help employers bring them straight back into the workforce.

  • While the vaccine helps reopen the economy after the jabs, the jobs that, at least, is the hope that can't be guaranteed.

  • Though the real test of these schemes will be in just how many such jobs, for example, at this Essex events company are switched back on when something like normality returns, they could have done with the certainty earlier.

  • They say the possibility of going back to work is what people want.

  • I think it maybe is a little bit too late now to be introducing support.

  • It would be lovely, but it would have been lovely for it to happen six months a year ago.

  • The opposition says the moves should have come months ago.

  • The government has found another kitchen sink to throw at preventing a post pandemic jobs crisis.

  • Faisal Islam, BBC News Well, let's go live to Westminster, then on the eve of the budget and talk to our deputy political editor, Vicky Young.

  • Faisal took us through some of those figures there, Vicky, including that figure of more than £100 billion for all of these support schemes.

  • What are the political calculations the chancellor will be making tomorrow?

  • Well, it's incredible, isn't it?

  • Almost a year on that the economy is still needing so much emergency support and that crisis part of this, if you like, is still an important part of tomorrow.

  • There's also the chancellor laying out a longer term vision for the economy and how it might operate.

  • And then there's the politically, probably much trickier part because Richie soon has said that he's going to be honest about difficult decisions ahead.

  • Now the question is beyond the language, telling us all these bills do need to be paid at some point.

  • How much detail will there actually be?

  • Because, of course, what he's trying to do is is do enough to reassure those conservatives who think yes, he does have to start getting a control of borrowing as soon as possible and start doing that right now and then He's got, of course, lots of his own MPs who quite like the extra spending and support there's been for their communities and wanted to go on beyond the autumn.

  • So that's the balance.

  • Is strike trying to strike?

  • I think there'll be a small step tomorrow towards tax rises, but actually how extensive they are going to be, who ultimately will pay them well.

  • That's going to be part of the political debate here for many years.

  • Not just tomorrow.

  • Vicki.

  • Many thanks Vicky Young there for us with the latest thoughts on tomorrow's budget.

the chancellor Richie Soon, I will use tomorrow's budget to pledge more support for jobs and businesses as the covid restrictions are gradually lifted across the UK.

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B1 budget furlough scheme support extension chancellor

UK furlough scheme to continue supporting wages of millions of workers - BBC News

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    林宜悉 posted on 2021/03/03
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