Martin Lewis has warned that Britons will start losing their jobs later this year in July. While speaking on Good Morning Britain, Mr Lewis highlighted the significance of companies having to pay back furlough at 10 and 20 percent. Mr Lewis concluded that the budget was “not good for anyone” regarding the big picture financial recovery of the country.
He said this payback will begin in July and will play a key role in helping to decide whether companies bring their staff back into employment.
Martin Lewis said: “Let’s remember that furlough is very different to the original beast.
“Furlough is flexible, you can be on furlough for part of the week and working for the rest of the week, that is perfectly legitimate.
“That is allowed as your employer just has to pay you for the rest of the week.”
DON’T MISS: Martin Lewis redundancy warning: July lay-offs as furlough cost rises
Despite this, Mr Lewis warned that some job losses would be inevitable by July.
He said: “It is worth noting that from July employers will have to start paying something towards furlough costs.
“This will be 10 percent of salaries on top of the national insurance and pensions they do now, 20 percent in August and September.
“Let us be plain about this, that is when we will start to see unemployment tick up again.
“I am afraid there will be people out there that will lose their work at that time.
“None of this is good news for anyone, not the Chancellor or the entire big picture situation.”
Martin Lewis is set to interview Rishi Sunak on his Budget announcements on Thursday for a special Budget edition of his show.