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The Government has announced unprecedented support for business and workers to protect them against the current economic emergency including almost £300 billion of guarantees – equivalent to 15% of UK GDP. We have taken steps to give businesses access to cash to pay rent, salaries or suppliers, alongside a commitment to pay 80% of the regular monthly wages, up to £2,500, of furloughed workers via the Coronavirus Job Retention Scheme (CJRS).
On 12 May the Chancellor announced that the CJRS would be extended for a further three months until October. The Government will continue to monitor developments to understand the impacts of COVID-19 on business.