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British Finance Minister Rishi Sunak said on Thursday that they will be funding the extended furlough scheme through borrowing in the short term, as reported by Reuters.

“That is not sustainable,” Sunak added. “We will have to reduce the deficit over time and will need to balance public finances.”

Earlier in the day, Sunak announced that the 80% furlough will be extended until the end of March.

Market reaction

The market mood remained upbeat on Thursday. As of writing, the UK’s FTSE 100 Index was up 0.52% on the day at 5,914.