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Wages cover for businesses hit by virus outlined Coronavirus: Government to pay up to 80% of workers' wages
(32 minutes later)
The government is to pay 80% of wages for employees not working, up to £2,500 a month, Chancellor Rishi Sunak says. The government is to pay 80% of wages for employees unable to work due to the coronavirus pandemic, up to £2,500 a month, the chancellor has announced.
The "unprecedented" measures are part of government plans to protect people's jobs, he says. Chancellor Rishi Sunak said the "unprecedented" measures were part of plans to protect people's jobs.
Many firms have been warning of collapse, wiping out thousands of jobs, as life in the UK is largely put on hold due to the coronavirus pandemic. Firms have warned the virus could see them collapse, wiping out thousands of jobs, as life in the UK is put on hold.
He added that the closure of pubs and restaurants would have a "significant impact" on businesses. Mr Sunak said closing pubs and restaurants would have a "significant impact" on businesses.
"Today I can announce that for the first time in our history the government is going to step in and pay people's wages," he said. The chancellor's wage package is the latest in a string of government moves aimed at easing the burden on businesses and their employees.
The Chancellor made an appeal to employers to stand by their workers during the coronavirus crisis. "I know that people are worried about losing their jobs, about not being able to pay the rent or mortgage, about not having enough set by for food and bills," he said.
"Let me speak directly to businesses: I know it's incredibly difficult out there - we in government are doing everything we can to support you," he said. "I know that some people in the last few days have already lost their jobs. To all those at home right now, anxious about the days ahead, I say this: you will not face this alone."
The government has faced huge pressure to intervene to support workers to prevent mass unemployment as anti-virus measures have seen many firms' revenues evaporate almost overnight.
'Stand behind workers'
The chancellor said the announcement was part of a "great national effort to protect jobs."
He also appealed to employers to stand by their workers during the coronavirus crisis.
"I know it's incredibly difficult out there. We in government are doing everything we can to support you," he said.
"The government is doing its best to stand behind you and I'm asking you to do your best to stand behind our workers.""The government is doing its best to stand behind you and I'm asking you to do your best to stand behind our workers."
This is a colossal intervention from the government - as the chancellor said, unprecedented in the UK.This is a colossal intervention from the government - as the chancellor said, unprecedented in the UK.
It reflects how concerned the government is about the economic impact this crisis could have - and is having already.It reflects how concerned the government is about the economic impact this crisis could have - and is having already.
It's worth remembering this is the third big intervention from government in recent days. This crisis has changed all the rules completely. It's worth remembering this is the third big intervention from government in recent days. This crisis has changed all the rules completely.