End Of Furlough Support Brings Uncertainty For UK Jobs And Economy

• More than a million British workers face an uncertain future this week as the UK becomes the world's first big economy to wind up its COVID-19 jobs support scheme. 
• The programme, which at its peak paid a third of employees to stay at home, cost more than 68 billion pounds ($93 billion) - the most expensive single piece of UK economic support during the pandemic. 
• Other European countries with more tradition of short-time working programmes such as Germany are keeping furlough support longer, at least for harder-hit sectors. 
• But with employers reporting record-high job vacancies and acute shortages of workers such as truck drivers most observers think Britain is right to end its programme on Sept. 30. 
• However, these support programmes have helped to bolster consumer saving and spending in the past year and as such its end could result in a drop in consumer demand and lower than expected recovery in the near term.

(Source: Reuters & NCBCM Research)