Furlough fury as billionaires exploit taxpayer-funded scheme – ‘Dip in OWN pockets!’ | City & Business | Finance

As the lethal virus stopped tens of millions of workers from going into work, the federal government introduced a furlough scheme to permit employers to pay their employees 80 % of their wage. According to The Sunday Times, at the very least 63 of their Rich Listers – an inventory of the richest individuals within the nation – have furloughed employees.

This has sparked fury and calls for the millionaires and billionaires “dip in their own pocket” fairly than depend on a scheme funded by the UK taxpayer.

Carys Roberts, govt director of the Institute for Public Policy Research, argued towards Rich Listers utilizing the furlough scheme.

She mentioned: “Some companies receiving tax-payers’ assist throughout the COVID disaster are owned by rich people, who for years have rewarded themselves generously whereas paying minimal UK tax.

“Why haven’t they invested extra in financial good occasions to make their companies extra resilient towards financial shocks?

“Why can’t they now dip into their very own deep pockets as an alternative of asking abnormal households to take action for them?”

According to the Sunday Times checklist, coronavirus has wiped as much as £54bn from the wealthiest of individuals over the past two months, together with at the very least 20 billionaires.

Around 2.5 million individuals have utilized to obtain Universal Credit from the federal government since lockdown started because the coronavirus outbreak made it unsafe for them to go to work.

Before the outbreak of the lethal virus, the 2020 Rich List was anticipated to point out file wealth and extra billionaires than in any of its earlier 31 editions.

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Last week, Prime Minister Boris Johnson introduced plans to permit people who find themselves unable to do business from home to begin going again to work as lockdown measures ease.

Chancellor Rishi Sunak just lately introduced the furlough scheme has been prolonged to October however was diminished to 60 %.

The Office for Budget Responsibility (OBR) warned Government borrowing may hit £298.four billion by the top of the 12 months as a result of coronavirus pandemic.

In a Treasury doc seen by The Daily Telegraph, the Mr Sunak is reportedly weighing up revenue tax rises, a two-year public sector pay freeze and the top of the triple lock on pensions.

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