Announcing the decision on Thursday (17 December), chancellor Rishi Sunak said the move would provide "certainty for millions of jobs and businesses".
Under the extended scheme, government will continue to pay 80% of wages of workers who have been furloughed by their employers.
Sunak also confirmed an extension to government-back Covid business loans until the end of March.
https://twitter.com/RishiSunak/status/1339576211689844738
"We know the premium businesses place on certainty, so it is right that we enable them to plan ahead regardless of the path the virus takes, which is why we’re providing certainty and clarity by extending this support," he said.
Sunak also revealed his next Budget would take place on 3 March 2021.
