By the end of the UK’s job retention scheme, which ran from April 2020, to September 2021, approximately 11.7 million jobs, from 1.3 million different employers, were furloughed in the United Kingdom. The day with the most jobs furloughed at once was May 8, 2020, when 8.86 million jobs were on the job retention scheme. The scheme, introduced in response to the economic damage caused by the Coronavirus (COVID-19) pandemic, covered 80 percent of an employees’ usual monthly wage, up to 2,500 British pounds a month.
The UK government spent approximately 70 billion British pounds on the job retention scheme. Due to spending commitments such as this, as well as depressed revenue sources, UK government finances took a severe hit in the 2020/21 financial year. Government borrowing was approximately 333 billion pounds in 2020/21, while government debt as a share of GDP shot up from 80.3 percent in 2018/19, to 96.5 percent by 2020/21. Getting this debt down has proven difficult in subsequent financial years, with high inflation, war in Ukraine, and Cost of Living Crisis putting even more pressure on public finances.
The current Prime Minister, Rishi Sunak, held the position of Chancellor of the Exchequer throughout the duration of the furlough scheme. While this scheme and Sunak himself were popular for much of that time, Sunak has since seen his popularity tumble. Shortly after succeeding Liz Truss as Prime Minister in October 2021, Sunak was seen by 30 percent of people as being the best person for his job, while his net favorability rating was around -19 percent. By May 2024, just before he announced the 2024 general election, just 19 percent of people thought he made the best Prime Minister, and his net favorability rating had fallen to -51 percent.
