Chancellor Rishi Sunak unveils new wage subsidy to save jobs

Mike Cherry, chair of the Federation of Small Organizations, identified as it a “swift and considerable intervention” but warned companies “are dealing with a amazingly tough winter”.

“Today’s guidance package is the flipside of the coin to Tuesday’s Covid-19 enterprise constraints,” he said.

Dame Carolyn Fairbairn, head of the Confederation of British Industry, said the intervention would help save “hundreds of countless numbers of viable positions this wintertime.”

“It is right to goal aid on positions with a upcoming, but can only be component-time although demand from customers remains flat.”

On the other hand, economists warned the guidance will only cushion the blow the economic climate faces from a second wave.

Ruth Gregory, economist at Capital Economics, said: “These steps won’t eradicate the hit totally. That is why we believe GDP will stagnate in the previous 3 months of the year.”

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