IFS: Extending the Coronavirus Job Retention Scheme in its current form brings total support to around £60 billion

The Chancellor has announced that the Coronavirus Job Retention Scheme will be extended in its current form to the end of July. Rishi Sunak has also announced a different scheme would be in place over the following 3 months to the end of October, with details expected later this month.

Carl Emmerson, Deputy Director at IFS, says:

"Extending the Coronavirus Job Retention Scheme for a fifth month, in its current form, will increase the cost by £10 billion or so. It brings the total support provided through this scheme up to around £60 billion.”

Once we have further details on the additional scheme - expected to be in place until the end of October - we will provide further analysis of its cost and impact.