UK Authorities Paid over £25B in Salary Compensations due to COVID-19

The UK authorities paid £ 25.5 billion in salary compensation to those temporarily unemployed due to the coronavirus pandemic, according to a report from the country’s Treasury.

9.3 million people received compensations under a program operating since March. Self-employed citizens received a total of £ 7.7 billion in compensation for the 2.6 million applications received.

Small businesses received loans guaranteed by the state, at 29.5 billion pounds, which is 1.5 billion pounds more than a week earlier. Big business received £ 2.3 billion in loans.

The UK authorities in March introduced a compensation scheme for employees and self-employed citizens temporarily left without work due to the COVID-19 coronavirus pandemic. Under the program, companies and entrepreneurs are paid compensation in the amount of up to 80% of the salary, but not more than 2.5 thousand pounds per employee per month. The program will run until October.

In total, the British government allocated more than £ 330 billion to support the economy during the coronavirus pandemic. Loans secured by state guarantees are issued to companies; credit holidays were also introduced for individuals and legal entities, which, due to the crisis, cannot pay interest on loans on time.

source: bbc.co.uk

You might also like

Leave a Comment