Closing summary Millions of British workers have been furloughed during the coroanvirus crisis, with the government expected to pay 80% of the salaries of as much as 6% of the entire population. Chancellor Rishi Sunak also unveiled more measures to support businesses, with a 100% government-backed “bounce back loan” of up to £50,000 for small businesses - following intense criticism that not enough funding was getting through to businesses. Here are some of the the other important developments today in the business world: US oil prices fell heavily again as the largest exchange-traded fund was forced to sell off futures for June delivery. One of Donald Trump’s economic advisers, Kevin Hassett, has predicted that America will suffer its worst economic contraction since the Great Depression - a fall of as much as 30% (if you take the annualised rate). Unemployment in France jumped sharply last month, with the number of French citizens filing jobless claims jumping by 246,100 in March to over 3.7m people. That’s an increase of over 7% - the biggest monthly gain since records began in 1996. Airbus has said that job cuts are likely as it tries to survive a brutal downturn in aviation demand. The planemaker put 3,200 employees in north Wales on furlough. Boris Johnson returned to work on Monday, signalling that he was a long way off ending lockdown in the UK. You can follow more coverage on our coronavirus live blogs around the world: In the UK, 360 new hospital deaths take overall toll to 21,092 In the US, the White House cancels its daily briefing amid concerns over Trump remarks And in our global coverage, the World Health Organisation has said the crisis has delayed non-Covid vaccines for 13m people Thank you for reading as ever, and join us tomorrow for more live coverage of business, economics and financial markets. JJ US oil prices fall heavily Oil futures prices have fallen steeply again on Monday, with the US benchmark, West Texas Intermediate (WTI), losing 26%. One barrel of WTI for June delivery will set back traders $12.38. Brent crude, the global benchmark, has fallen by 8% to $19.66. It came after the world’s largest oil-backed exchange-traded fund (ETF) said it would adjust its holdings to avoid a repeat of the market turmoil that saw US oil prices fall below zero a week ago. That happened because of concerns that storage facilities were running out, making traders desperate to get the oil off their hands. Here’s what Reuters said about the ETF, the US Oil Fund: The United States Oil Fund will exit its position in the front-month June crude oil futures contract and may need to hold more cash to satisfy potential margin requirements, the largest oil-focused US exchange-traded product (ETP) said on Monday. After avoiding potentially catastrophic losses when May oil futures traded below $0 per barrel for the first time ever last Monday, USO has been scrambling to diversify its holdings into later-dated contracts, from the most heavily traded front-month contract. The 4m people furloughed in the UK account for about 12% of the number of people in employment recorded in December to February by the Office for National Statistics. And those furloughed account for about 6% of the entire UK population, which was estimated at 66.4m in 2018. If all of those people had been unemployed it would mean the fewest people in work since 2006 - a period during which the UK’s labour force has increased through immigration. Of course, not every furloughed worker would have been laid off without the scheme, but it’s a handy comparison to see just how far-reaching the crisis has been. And remember, there were also 1.3m people who were unemployed in the December to February figures. 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Labour has backed investor calls for companies to consider cutting executive pay if they have received government support during the coronavirus crisis. The Investment Association has even suggested that companies could claw back bonuses from executives if they are forced to cancel dividend payouts. Lucy Powell MP, Labour’s shadow minister for business and consumers, said: Labour believes that the government is right to support business at this critical time, to safeguard jobs, livelihoods and our economy, but companies receiving state support should show responsibility on executive renumeration packages, so that they do not undermine public support for these measures. European share indices have gained across the board. The Euro Stoxx 600 rose by 1.6%, while London’s FTSE 100 rose by a provisional 1.3%, at 5,829 points. France’s Cac 40 increased by 2.3%, while Germany’s Dax gained 2.9%. The new 100% government-backed loan scheme has come after intensive lobbying from business groups. They appear happy. The Confederation of British Industry’s director-general’s reaction: Adam Marshall, the British Chamber of Commerce’s director-general, said: The chancellor has demonstrated he is listening to the concerns of our business communities and taking steps to get cash to the front line where it is needed. This new route for our smallest companies to apply quickly and get a fast decision will be crucial to those who have struggled to get a CBILS loan. Mike Cherry, national chairman of the Federation of Small Businesses, said: This crucial new initiative should enable thousands of small businesses to access the working capital they need quickly, helping to protect the millions of jobs they provide in every part of the UK. This step forward marks another decisive intervention from the Treasury and the business department, building on existing support in an innovative way. Swift delivery is now key, and we also look forward to working with government in the long-term to enhance market competition, including that provided by non-bank lenders. A reminder: the 100% guarantee means that the banks who give out the loans take none of the financial risk. That should mean that (after carrying out basic due diligence checks) they should be able to give out loans to small businesses much faster. Sunak’s Twitter account has more details on his announcements on what he is calling “bounce back loans” for small businesses. That adds to the pre-existing job retention scheme, business interruption loan scheme, Covid-19 corporate finance facility and various other bits and bobs like cash grants and bans on evictions. Labour: Furlough scheme should allow part-time working Labour’s new shadow chancellor Anneliese Dodds has responded to Sunak in parliament, calling for changes to get money to businesses faster and allowing for part-time work. At the moment all furloughed workers must stop completely to qualify, which could discourage companies from continuing work. Speaking in the almost empty parliament that has characterised lockdown politics, she said: To ensure as many people as possible have a job to go back to, we need a flexible furlough scheme. The chancellor told me previously it can’t currently be made more flexible - but other countries have done this. Will he work to amend the furlough scheme, to allow workers to come back on a part-time basis? And on the loan schemes, she said: Other countries are guaranteeing 100% of their SME loans and have stripped off normal commercial loan requirements. And while it’s a relief to hear from the chancellor that there will now be a full guarantee for loans of up to £25,000, we need to know that normal commercial loan requirements will not continue to clog up the system. So will he also be changing the rules for the scheme, so we can get money to those SMEs that really need it? Sunak: Not "appropriate" to back all loans with 100% government guarantee Sunak said he remains unconvinced of backing all loans 100%. He does not think it is appropriate to back all loans to 100%. The loan scheme has faced criticism for not getting money to enough businesses quickly enough, with concerns that banks are having to consider their own financial risk on the loans, which are currently only 80% guaranteed. Sunak reveals new micro loan scheme up to £50,000 Chancellor Rishi Sunank has unveiled a new micro loan scheme. Small companies will be able to borrow up to £50,000 each, up to 25% of their turnover. The loans will be available from 9am next Monday, he said. There will be no tests against businesses’ future viability, no complex eligibility criteria, just a simple form, he said. For most firms loans should arrive within 24 hours of approval. The government will back 100% of the loans. More than 20,000 coronavirus business interruption loans have now been approved, Sunak said. More than 4m UK jobs furloughed - Sunak Chancellor Rishi Sunak has revealed that more than 4m workers in the UK have been furloughed. You can follow his statement to parliament live at the below link.