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British Finance Minister Rishi Sunak announced on Thursday that they will be providing “significant extra support” to the economy by extending the furlough scheme, as reported by Reuters.

Additional takeaways

“Bank of England (BoE) Governor and I are in constant communication.”

“BoE forecast show economic activity supported by fiscal and monetary policy.”

“Economic effects of lockdown are much longer-lasting.”

“Furlough scheme will be extended until the end of March.”

“Will pay wages up to 80%, the self-employed grant will increase.”

“Will review the policy in January.”

“We redeploy retention incentive at the right time.”

Market reaction

The UK’s FTSE edged slightly lower after this announcement and was last seen gaining 0.22% on the day at 5,896.