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By the end of the UK's job retention scheme, which ran from April 2020, to September 2021, approximately **** million jobs, from *** million different employers, were furloughed in the United Kingdom. The day with the most jobs furloughed at once was May 8, 2020, when **** million jobs were on the job retention scheme. The scheme, introduced in response to the economic damage caused by the Coronavirus (COVID-19) pandemic, covered ** percent of an employees' usual monthly wage, up to British pounds a month.Ìý

How much did the scheme cost?

The UK government spent approximately ** billion British pounds on the job retention scheme. Due to spending commitments such as this, as well as depressed revenue sources, UK government finances took a severe hit in the 2020/21 financial year. Government borrowing was approximately billion pounds in 2020/21, while government debt as a share of GDP shot up from around ** percent in 2018/19 to almost ** percent by 2020/21. Getting this debt down has proven difficult in subsequent financial years, with high inflation, war in Ukraine, and the Cost of Living Crisis putting even more pressure on public finances.Ìý

Popular scheme not enough to save Sunak

Former Prime Minister, Rishi Sunak, held the position of Chancellor of the Exchequer throughout the duration of the furlough scheme. While this scheme and Sunak himself were popular for much of that time, Sunak saw his popularity tumble. Shortly after succeeding Liz Truss as Prime Minister in October 2021, Sunak was seen by ** percent of people as being the best person for his job, but by May 2024, just before he announced the 2024 General Election, just ** percent of people thought he made the best Prime Minister. Sunak and the Conservatives went on to suffer a historic loss at this election, winning just *** seats, compared with the *** won in the 2019 General Election.