BUSINESS CLOSE: Sunak extends furlough scheme until March; Bank reveals £150bn in fresh QE; US stocks gaining ground again
- Chancellor claims furlough extension will protect ‘millions’ of jobs in Britain
In another rollercoaster of a day, Chancellor Rishi Sunak has extended the UK’s furlough scheme until the end of March next year.
He said an extension of the furlough scheme would help ‘protect millions of jobs’ up and down the country and shrugged off arguments from critics who claim the goalposts are being changed too frequently.
The Bank of England has unleashed another £150billion of action to bolster the battered economy and warned that output will fall in the final three months of 2020 as a result of the second lockdown.
Members of the Bank’s Monetary Policy Committee voted unanimously to expand its quantitative easing programme to a mammoth £895billion, but held rates at the historic low of 0.1 per cent
Across the pond, US stocks are performing strongly again today as the election battle rolls on but Biden closes in on a victory. And, back in Britain, the FTSE 100 closed up slightly to 5,906.18.