However, some are particularly concerned about what the end of the scheme could mean for individuals who still need financial support. One expert described the end of furlough as potentially sparking a “debt nightmare” for those who do not have monetary stability going forward.
Sarah Coles, personal finance analyst at Hargreaves Lansdown, said: “Hundreds of thousands of people could be left high and dry when the furlough scheme comes to an end, and those who are carrying debts could find themselves in serious difficulty.
“The ONS Business Insights survey estimates that between 1.6 million and two million people were on full or partial furlough at the start of August. On the face of it, if their employer can’t take them on again, they should be able to find work, given there were an estimated 953,000 job vacancies in May to July 2021, a record high.
“HHowever, in reality, it’s incredibly tough. There’s a real mismatch between the sectors people are on furlough from and the sectors that are recruiting. Not every sales assistant wants to take a pay cut to move into care or retrain as a delivery driver. It’s why NIESR forecasts unemployment will hit 5.4 percent at the end of the year.”
READ MORE: State pension age ‘should be lowered’ as Britons urge action
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