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Britain's Treasury gets 1 billion stg windfall from repaid furlough cash -FT - Metro US

Britain’s Treasury gets 1 billion stg windfall from repaid furlough cash -FT

FILE PHOTO: The HM Treasury name is seen painted on the outside of Britain's Treasury building in central London

(Reuters) – British companies have returned more than 1 billion pounds ($1.40 billion) of furlough cash as investors press managements to repay taxpayer funds taken during the COVID-19 pandemic before paying big bonuses, the Financial Times said on Thursday.

Companies have repaid 709 million pounds to HM Revenue & Customs that had been claimed under the government’s coronavirus job retention scheme, the newspaper said, with a further 319 million returned as over claimed funds taken in error. 

The paper https://on.ft.com/3pZKW7g cited data obtained through a freedom of information (FOI) request. The amount is still far less than the total of 64 billion pounds Treasury spent up to May 14 under the furlough scheme.

($1=0.7144 pounds)

(Reporting by Kanishka Singh in Bengaluru; Editing by Clarence Fernandez)

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