Search ForexCrunch

The British government will help companies pay wages for the first time in history with a coronavirus job retention scheme, British Finance Minister Rishi Sunak said in a joint press conference with Prime Minister Boris Johnson on Friday.

Key takeaways

“Economic intervention will be unprecedented in the history of British state.”

“To all those anxious at home, you will not face this alone.”

“We need a collective national effort, a combination of measures on jobs and incomes.”

“”Any employer will be eligible for the coronavirus job retention scheme.”

“Employers can contact HMRC to get grant to cover most wages.”

“Government grants will cover 80% of salary of retained workers up to 2,500 pounds per month.”

“Workers in any part of the UK can retain their jobs even if the employer can’t afford to pay.”