Chancellor Rishi Sunak has said 140,000 companies have applied to the Government furlough scheme.

The UK government opened its Job Retention Scheme to applications earlier today, with 67,000 claims in the first 30 minutes.

The Chancelllor said in his evening briefing this totalled 140,000 by 4pm, adding: "The grants they will receive will help pay the wages of more than a million people ... a million people who if they hadn't been furloughed would have been at risk of losing their jobs.

"Firms applying today should receive their cash in six working days."

The Government scheme for workers who have been furloughed - given a temporary leave of absence – was launched by Chancellor Rishi Sunak, who also announced a £1.25 billion package to aid companies in the innovation sector.

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The Coronavirus Job Retention Scheme allows businesses to claim towards staff wages and comes after the Government was warned of the economic cost for many companies of any delay in its implementation.

Under the initiative, employers can go online to claim cash grants worth up to 80% of wages, capped at £2,500 a month per worker.

The Treasury has said the system can process up to 450,000 applications an hour with employers expected to receive the money within six working days of an application.

Mecca Bingo owner Rank Group said more than 90% of its workforce has been furloughed after shutting venues in the face of the coronavirus pandemic.

The company, which also runs Grosvenor Casinos, saw its shares jump on Monday after it confirmed that 7,000 of its 7,600 employees are furloughed.

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Rank also said it would not pay out a dividend as it said it expects to post an underlying operating profit of between £48 million and £58 million for the year to June 30.

It added that its digital business has "grown strongly", with net gaming across its Grosvenor digital business increasing by 27% over the past quarter as it pulled in new players.

Shares in the company were 5.7% higher at 176.6p.

Electric scooter and bike retailer Pure Electric has secured 85 jobs after rescuing 11 former Cycle Republic stores.

The retailer purchased the stores which were due to close permanently after Halfords said it would shut the Cycle Republic business last month.

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Pure Electric's rapid site expansion comes a month after the Department for Transport announced an open consultation over whether e-scooters should be permitted on public roads.

The retailer was launched 14 months ago by entrepreneur and former Hargreaves Lansdown director Adam Norris, and recently diversified into e-bikes.

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