How will Rishi Sunak roll back the furlough scheme?

Just weeks ago, Chancellor Rishi Sunak claimed that widespread use of the furloughing scheme was proof of its success. But it appears the government has over-achieved. The Treasury’s original prediction was that 10 per cent of businesses would use the salary safety net; the figure has turned out to be closer to 70 per cent. The cost for just one month of the scheme is estimated to be £8 billion, only £3 billion less than the NHS’s monthly budget. ‘We’re not talking about a cliff-edge but we have to get people back to work.’ says Matt Hancock, the health secretary. ‘We’ve got to wean off it.’

After telling ITV early this week that the scheme was ‘unsustainable’ for the long-haul, Sunak is changing tack. The Times has now revealed that he will be publishing his plans to roll back the scheme next week, as its price tag has become too big: options include cutting the wage subsidy or lowering the £2,500 cap.