Lockdown's back

The 1-minute read to get the money news you need with expert adviser commentary.

Furlough returns

The furlough scheme will stick around until December, to cover businesses forced to close by the new national lockdown. Workers won’t see any difference to their pay packets, but it’ll be easier on employers with the government putting in the full 80%. Furlough will end once we come out of lockdown, when the Job Support Scheme will kick in to replace it.

Mortgage holidays extended

Homeowners can continue to pause mortgage payments if they’re struggling financially. The mortgage holiday scheme had been due to end at the weekend, but it has been extended for another 6 months. It’s available to all homeowners regardless of whether they have used it to defer payments the first time around.

Double dip

Economists are worried that the second national lockdown will push us back into recession. The Bank of England committee will meet this week to decide how to help - they’re expected to boost their quantitative easing (QE) plans to inject up to £100 billion into the economy.

UBI?

Councils should have the powers to trial Universal Basic Income (UBI), according to a letter to Rishi Sunak signed by over 500 MPs, lords, and councillors. UBI would involve the state paying every adult a regular cash payment regardless of their income. The cross-party group says rising unemployment and widespread economic disruption means it’s the right time to try it.