Beginning of the end of furlough

Get straight to the good stuff every day with the Multiply Minute, a lightning-quick roundup of the money news and how it affects you.

Furlough scheme to taper

From August, employers will have to start subsidising the wage scheme provided by the government. Any workers who are furloughed will get up to 60% of their pay from the government and a further 20% from their employer, up to the £2,500 monthly cap. This second phase of the scheme will run until October. Chancellor Rishi Sunak will announce more details in the next few days.

Adviser comment: This was to be expected. As the UK slowly comes out of lockdown, the level of government help was always likely to reduce. If you’re furloughed, check with your employer if this is going to have any impact on you.

Self-employed need more help

Meanwhile, the equivalent support scheme for self-employed workers ends this weekend. MPs have called on Rishi Sunak to extend the help for the millions of self-employed workers who are unable to earn any money during the lockdown. Yesterday, the Prime Minister said the possibility of extending the scheme is “under review”.

Adviser comment: This is a bit of a surprise. With its late entry into the range of support offered to the country, its now early exit could be taken by some to indicate that the government felt that the self-employed have been less affected by the lockdown.

Free football

The Premier League is set to restart on the 17th June, as long as the government gives the green light. Four matches will be shown on the BBC for the first time ever, making them free to watch for everyone. Sky Sports will also make 25 of the other top-flight matches free to view.