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Coronavirus latest: Chancellor Rishi Sunak's £350billion bailout package will cost the taxpayer

Chancellor Rishi Sunak's employment support package will cost the taxpayer billions of pounds a month, the Institute for Fiscal Studies (IFS) said tonight.

IFS director Paul Johnson said the final cost to the Exchequer of paying up to 80% of the wages of workers whose jobs were under threat from the coronavirus outbreak was 'unknowable'.

He said that if the support was claimed for 10% of employees it could cost the Government £10 billion over three months.

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Chancellor Rishi Sunak tonight said there was 'no limit' to the government's support for the economy as he announced that HMRC would cover 80% of the wages of staff they keep on up to £2,500 a month.

It followed criticism that his £350 billion emergency support package for the economy earlier this week concentrated on businesses but did little for their staff.

IFS director Mr Johnson said: 'The cost of the wage subsidy package is unknowable at present but will run into several billion pounds per month that it is in operation.'

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My view: Rishi Sunak is a future PM.

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