Today the government is finally rolling out changes to the terms of its furlough scheme, as it begins to slowly phase out the policy over the next three months. It’s the beginning of the end…

As of today, employers will have to pay 10% of furloughed workers’ salaries, with the government still contributing another 70%. From August, the government top-up falls to 60%. The scheme will finally end come October – at a total estimated cost of £66 billion.

Speaking on the Today programme this morning, Business Secretary Kwasi Kwarteng said:

“Furlough was an exceptional policy in extreme times, in unprecedented times. And it was always the case that it was going to come to an end at some point.”

There are currently 1.5 million people on the scheme. Guido will be keeping an eye on the unemployment numbers over the next couple of months…